Candescent Partners has bought Koch Eye Associates. Bush O’Donnell Capital Partners, Pine Street Capital Partners, First New England Capital and BCA Mezzanine Fund LP also coinvested. Financial terms of the deal were not announced. Koch Eye Associates provides eye care services in Rhode Island. DWQ Associates provided financial advice to Koch Eye.
Candescent Partners Acquires Koch Eye Associates
Boston, MA – January 30, 2012 – Candescent Partners, a Boston-based private equity firm, announced that it has acquired Koch Eye Associates, a comprehensive vision care services provider. Candescent led the transaction with co-investors Bush O’Donnell Capital Partners, Pine Street Capital Partners, First New England Capital and BCA Mezzanine Fund, LP. DWQ Associates represented Koch Eye Associates.
Founded by the Koch family in 1981, Koch Eye Associates is the leading eye care services provider in Rhode Island. Koch operates seven locations throughout the state, providing services ranging from basic optometry to LASIK and cataract surgery in a Company-owned surgery center. Peter Koch, Paul Koch, M.D., and Patricia Koch, O.D., will all remain active in the business.
“This transaction represents a significant opportunity for both Candescent and Koch,” said Sandy McGrath, Managing Partner of Candescent Partners. “We look forward to partnering with the Koch family to continue to provide comprehensive and quality medical services to Koch’s dedicated customers. We anticipate continuing to grow the business through a combination of organic growth and strategic acquisitions.”
Peter Koch, who will remain CEO of Koch post-transaction, remarked, “Candescent has a strong track record of successfully building and growing healthcare services enterprises. I look forward to working with them to build the premier vision care services company in New England.”
Candescent Partners is a Boston-based private equity firm that invests in the acquisition, growth and recapitalization of lower middle market companies in healthcare services, business services, software and consumer products and services. Steve Jenks and Sandy McGrath founded Candescent in 2009 and Steve Sahlman later joined as a Principal. Candescent invests in businesses with annual EBITDA between $2 and $8 million and enterprise values between $10 and $75 million