FFL Partners has agreed to sell EyeCare Partners, a network of medical optometry and ophthalmology practices in the U.S. The buyer is Partners Group. No financial terms were disclosed.
SAN FRANCISCO – DECEMBER 16, 2019 – FFL Partners (“FFL”), a private equity firm focused on growth investments in middle market companies, today announced that it has signed a definitive agreement to sell EyeCare Partners, LLC (“ECP” or “the Company”), a vertically integrated growing network of full scope medical optometry and ophthalmology practices in the U.S. Financial terms of the private transaction were not disclosed.
Founded in 2015, ECP provides best-in-class eye care services from an integrated network of over 500 optometrists and 85 ophthalmologists located in 13 states throughout the Midwest, Southeast, Mid-Atlantic and Southwest. Under FFL’s ownership, the Company’s revenue grew at a compounded growth rate of 65 percent while expanding its geographic footprint from 63 to more than 450 sites of service through over 60 strategic acquisitions.
“We are proud to have partnered with CEO Kelly McCrann and his talented team to create an exceptional network of independent primary care practices anchored by patient-centered doctors and ECP’s comprehensive suite of centralized business support services,” said Chris Harris, Partner at FFL Partners. “This is a great outcome for our investors and our doctor shareholder partners.”
ECP also strengthened its leadership ranks in partnership with FFL, adding new corporate, physician and executive management talent, and improved its operational efficiencies and support service capabilities including revenue cycle management, purchasing, marketing, human resources, provider recruiting, IT and other functions.
“FFL helped us to quickly accelerate our growth by identifying acquisitions that built our presence in fast-growing markets, while their operational expertise helped us drive significant organic growth and financial performance improvements at virtually all practices throughout our network,” said McCrann. “We’re excited to continue partnering with premier eye care practices and board-certified ophthalmologists who are looking for a comprehensive medical eye care partner, and providing them support resources to realize even further success.”
About FFL Partners
FFL Partners is a San Francisco-based private equity firm with over $4.5 billion under management. For over twenty years, the firm has helped build industry-leading companies, providing capital and advice to exceptional management teams to grow businesses and unlock value. FFL has deep experience in investing and operations and has brought large-company best practices and professional networks to smaller companies. Business growth has provided over 75% of the value created by FFL for its investors. FFL invests in business services, industrials, healthcare services, consumer products and services and financial services. For additional information about FFL, please visit FFL’s website at www.fflpartners.com.