Cortec Group has recapitalized Denver-based ICON Eyecare, which operates 11 ophthalmology clinics and five ambulatory surgery centers focused on treating ophthalmic conditions. No financial terms were disclosed for the transaction that was made to back ICON Eyecare’s merger with Kleiman Evangelista Eye Center.
(New York, NY) – Cortec Group (“Cortec”), a New York private equity firm which invests in middle market healthcare, consumer and specialty products and service businesses, announced that on December 14, 2016, a group led by its affiliate, Cortec Group Fund VI, L.P. (“Cortec Fund VI”), in partnership with management, recapitalized The Eye Academy of America Ltd. (“ICON Eyecare” or the “Company”) in support of its merger with Kleiman Evangelista Eye Center (“K&E”). Terms of the transaction were not disclosed.
Headquartered in Denver, CO, ICON Eyecare (including the operations of K&E) operates 11 ophthalmology clinics and five ambulatory surgery centers that are exclusively focused on the treatment of ophthalmic conditions. Founded in 1999, ICON Eyecare has built a leading regional provider of eye care services through an expert team of physician specialists, advanced surgical and treatment technology, and a culture of high quality patient care. ICON Eyecare’s facilities are located in the Denver, CO metro area, Grand Junction, CO and greater Dallas, TX regions and provide a range of eye care procedures and services, including cataract surgery, laser vision correction, corneal surgery, and a variety of treatments for glaucoma and retina conditions.
“ICON Eyecare has demonstrated the ability to become a leader in each of its markets by partnering with leading ophthalmology practices and realizing positive clinical outcomes for its patients. Based on the Company’s strong track record, we are confident in our ability to expand to new regions and strengthen ICON Eyecare’s leadership position.” stated Jeffrey Lipsitz, a Managing Partner at Cortec. “ICON Eyecare has demonstrated exceptional historical financial performance and partnering with Cortec will provide ICON Eyecare with access to substantial additional capital and other resources to accelerate growth and broaden the Company’s footprint, both organically and through the acquisition of other ophthalmology practices,” said Jonathan Stein, a Cortec Partner.
Ryan Heckman, ICON Eyecare’s CEO, who will lead ICON Eyecare while retaining a significant ownership stake, commented that “Cortec is an ideal partner for ICON Eyecare given its track record of successfully investing in multi-site healthcare businesses that provide practitioners with strong platforms to grow while delivering excellent patient care.” Mr. Heckman further noted that “Cortec also shares ICON Eyecare’s commitment to service, quality and patient outcomes, which is extremely important as we expand to new locations. We are excited to partner with Cortec as we enter our next phase of growth.”
The ICON Eyecare recapitalization represents Cortec Fund VI’s third platform investment.
Headquartered in Denver, CO, ICON Eyecare operates clinics and ambulatory surgery centers exclusively focused on the treatment of ophthalmic conditions. The Company’s network includes locations in Denver, CO, Grand Junction, CO and Dallas, TX under ICON Eyecare and Kleiman Evangelista Eye Center. Please visit www.iconeyecare.com to learn more. Additional information on Kleiman Evangelista Eye Center can be found at www.lasiksurgery.com.
Founded in 1984, Cortec invests in high value-added, middle-market healthcare, consumer and specialty products, and service businesses with owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. Additional information about Cortec can be found at www.cortecgroup.com.