Goldman PE arm buys MyEyeDr in $2.7 bln deal, producing 3.5x return for Altas Partners

Altas Partners is poised to generate an about 3.5 x return on MyEyeDr through a sale of the optometry giant valued at US$2.7 billion, according to a source familiar with the matter.

Goldman Sachs through West Street Capital Partners VII agreed to acquire the well-known brand by buying its management services company, Capital Vision Services, a June 3 statement showed.

Terms weren’t disclosed.

Toronto’s Altas partnered with Caisse de dépôt et placement du Québec in 2015 to acquire Capital Vision Services for US$775 million, the source said.

The pending acquisition — the largest sponsor-backed transaction in vision care history — concludes a Jefferies-run process that kicked off earlier this year.

Led by Co-Founder and CEO Sue Downes, MyEyeDr operates a retail- and brand-oriented model and focuses exclusively on the optometry market. The platform includes optometry offices and eye-care storefronts across the United States, offering prescription glasses and frames as well as contact lenses and eye exams.

The company’s network is expected to total 575 practices spanning 18 states by year-end, up from 165 practices in seven states at the time of Altas and CDPQ’s 2015 investment, the June 3 statement said.

In December, PE Hub Canada interviewed Altas Managing Partner Andrew Sheiner about the firm’s long-term investment strategy and recent deals.

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