MoonSail, Plenary Partners creates eyecare platform Ocular Partners

Chris Albanis, president of Arbor, will be chief executive of the new company. 

MoonSail Capital and Plenary Partners invested in Chicago Eye Institute and Arbor Centers for EyeCare to create platform Ocular Partners. Ocular will invest in ophthalmic practices throughout the midwest. Chris Albanis, president of Arbor, will be chief executive of the new company.

Press Release

Chicago Eye Institute (“CEI”) and Arbor Centers for EyeCare (“Arbor”), two of the leading ophthalmology practices serving the Chicago market, announced today that they have entered into a strategic partnership with MoonSail Capital, LLC (“MoonSail”) and Plenary Partners (“Plenary”) to form Ocular Partners, Inc. (“Ocular Partners” or the “Company”), the premier physician-led eye care group in greater Chicago. The investment by MoonSail and Plenary will support growth initiatives of best-in-class ophthalmic practices throughout the Midwest region.

Dr. Osvaldo Lopez, co-founder of CEI, will serve as the Company’s Chairman, while Arbor’s President, Dr. Chris Albanis, will lead the new Company as founding CEO. The new Ocular Partners platform will initially serve more than 20 providers, including some of the nation’s leading cataract, cornea, refractive, glaucoma and retina surgeons with more than 125,000 service encounters annually through nine clinical locations throughout Chicago. Ocular Partners is committed to providing outstanding clinical and surgical care to patients through a personalized and compassionate approach to medicine and provides administrative services to practices in its network.

Dr. Lopez said, “Forming Ocular Partners and having Arbor and CEI join forces creates the premier eye care organization in Chicago. CEI was established more than four decades ago with the single objective of delivering exceptional eye care to our patients. My partners and I are excited to come together with MoonSail, Plenary and our distinguished colleagues at Arbor to lead the nation’s premier ophthalmic services platform.”

Dr. Albanis commented, “With a history of clinical and surgical excellence dating back to the 1940s, our common passion for preserving and restoring the gift of sight will continue to serve as the foundation. Ocular Partners seeks to affiliate with, recruit and retain the best and brightest clinicians and surgeons. Our new financial partners understand and support our shared vision of clinical and surgical excellence, innovation, leadership, close ties to the academic community, strong work ethic and physician-directed culture.”

Joseph Acevedo, Co-Founder and Managing Director of MoonSail Capital, said, “MoonSail is dedicated to unlocking value in lower middle market companies with a special focus on the fragmented healthcare services sector. Powerful macro trends support the prospective demand for vision care and we are honored by the opportunity to work with such a distinguished group of physician leaders and operationally focused investors to build a great company. Dr. Albanis is an incredibly dedicated and talented physician, she brings years of experience as a manager and she serves as a leader in the ophthalmic community. Dr. Lopez has the respect of the broader eye care community, has long been a well-known innovator in his field and has been recognized at multiple levels with honors and awards.”

Toni Peláez, Managing Partner at Plenary, said, “As locals who had carefully studied the fragmented ophthalmology market nationally, we are thrilled by the opportunity to partner with two of the premier practices in greater Chicago. With MoonSail’s buy-and-build expertise and financial support we are confident we will propel the growth of the Ocular Partners platform.”

Muzinich & Co. provided financing and made a co-investment in the transaction. McGuireWoods provided legal advice to MoonSail and Plenary.

About Ocular Partners

Ocular Partners was formed in 2020 to be the premier, clinically and surgically-focused eyecare platform in the Midwest. Its partner practices comprise leading independent providers of best-in-class vision care services in the greater Chicago area, with more than 20 providers in nine locations, and 10 specialties including cataract, cornea, refractive, anterior segment, glaucoma, surgical and medical retina, oculoplastics (eyelid, tear duct, orbital and cosmetic), comprehensive ophthalmology and optometry. The Ocular Partners platform features a cohesive team of physicians and includes doctors who are world renowned in their sub-specialties and who have pioneered life-changing surgeries. The team’s doctors have a passion for educating the next generation of doctors, with many serving as faculty at university training programs or lecturing around the world. Ocular Partners is the leading eyecare services provider supporting eyecare practices, formed through the affiliation of Chicago Eye Institute and Arbor Centers for Eyecare. It is physician-owned and physician-led, with backing from private investors MoonSail Capital and Plenary Partners.

About MoonSail Capital

MoonSail Capital is a private investment firm with committed capital that seeks to invest in and build leading lower-middle market companies in partnership with founders, operating executives, family offices and independent sponsors. MoonSail has special focus in healthcare services acquisition platforms where it seeks to lead value-added investor groups in control buyouts. The MoonSail team features dedicated, experienced investors who bring a partnership mentality, buy-and-build experience and operational knowledge to each situation. Typically, MoonSail targets founder and family owned businesses with minimum EBITDA of $2 million. With offices in Los Angeles and San Juan, Puerto Rico, the firm invests across the U.S. and Puerto Rico.

About Plenary Partners

Plenary Partners is a private investment firm founded in 2009 with offices in Chicago and San Francisco focused on partnering with lower middle market owner managed businesses throughout the U.S. Plenary approaches investing with a personal touch, recognizing opportunities realizable with the addition of not only capital, but with the right catalyst and execution, coupled with strong collaboration between the entrepreneur and investor. The founders of Plenary have been investing together for over 15 years and have led investments in multiple healthcare verticals as well as in technology, industrials, consumer products and businesses services.