CEI Vision Partners, a portfolio company of Revelstoke Capital Partners LLC, said Feb. 5 that it closed its buy of Virginia Eye Consultants. Financial terms weren’t announced. Virginia Eye Consultants is an ophthalmology group comprised of 17 providers that service the Norfolk, Virginia Beach and Chesapeake markets through four clinic locations and an ambulatory surgery center.
CVP ADDS FIFTH PARTNER PRACTICE
Cincinnati, OH (February 5, 2019)– CEI Vision Partners (“CVP”), a portfolio company of Revelstoke Capital Partners LLC (“Revelstoke”), a Denver-based private equity firm, has completed a partnership with Virginia Eye Consultants (“VEC”), a premier multi-specialty ophthalmology group comprised of 17 providers that service the Norfolk, Virginia Beach and Chesapeake markets through four clinic locations and an ambulatory surgery center.
CVP’s goal is to be the premier ophthalmology management services organization in the country. VEC provides CVP a new region to pursue additional partnerships and growth opportunities. VEC is the fifth practice to partner with CVP since its formation in May 2018 in partnership with Cincinnati Eye Institute and Revelstoke; Dayton Eye Associates and Retina Physicians and Surgeons joined the platform in October 2018 and Retina Vitreous Associates joined in December 2018. CVP’s partner practices have more than 100 industry-leading providers across all major sub-specialties in ophthalmology working in 30 clinical centers and multiple ambulatory surgical centers in two major geographic regions: Midwest (currently Ohio, Kentucky and Indiana) and Mid-Atlantic (currently Virginia).
“With Virginia Eye Consultants joining CVP, we now offer a dual platform business model to grow ophthalmology practices in the Midwest and the Mid-Atlantic regions,” said Clyde Bell, CEO of CVP. “VEC is well established with a strong reputation for providing surgical services in multiple specialties with the highest level of patient care. By partnering with VEC, CVP is able to reach additional markets and expand patient access to top ophthalmologists.”
“State-of-the-art surgical and medical eye care delivery will thrive in the hands of practices that embrace change,” said John D. Sheppard, M.D., M.M.Sc., President of Virginia Eye Consultants. “Burgeoning technology and our specialty’s indefatigable innovative spirit promise continued advances for patients, yet we must prepare to deliver those services in the face of increased regulatory obligations. United as CVP, we are now among the largest groups in the nation and a dual-regional platform venture, pairing like-minded regionally influential practices. We have a team of outstandingly progressive business minds, critical mass creating significant economies of scale, and a growth model for enhanced collaborative clinical excellence. Together as industry leaders, we will forge into a challenging future with certainty and purpose.”
“CVP’s expansion has been impressive but our goal is not to be the biggest in the industry – our strategy is to be the best ophthalmology management services organization by partnering with premier practices in targeted regions. The interest we have received from leading Midwest groups in joining our platform has been phenomenal and we are excited to replicate and extend this strategy in the Mid-Atlantic region” said Andrew Welch, Managing Director at Revelstoke.
McGuireWoods LLP acted as legal counsel to CVP.
CEI Vision Partners (“CVP”) is a premier ophthalmology management services organization formed in partnership with Cincinnati Eye Institute, one of the nation’s largest ophthalmology practices, and Revelstoke Capital Partners, a Denver-based private equity firm in May 2018. CVP’s partner practices feature more than 100 industry-leading providers across all major sub-specialties in ophthalmology and optometry. CVP strives to attract best-in-class physicians and staff and deliver the highest quality eye care in the industry. www.cvphealth.com
Revelstoke is a private equity firm formed by experienced investors who focus on building industry-leading companies in the healthcare and related business services sectors. Revelstoke partners with entrepreneurs and management teams to execute on a disciplined organic and acquisition growth strategy to build exceptional companies. Since the firm’s inception in mid-2013, Revelstoke has raised approximately $1.2 billion of equity and has completed 53 acquisitions, which includes 13 platform companies and 40 add-on acquisitions.