Nvision Eye Centers, a founder-owned provider of Lasik and cataract surgery, is evaluating a potential sale, according to four sources.
Harris Williams has been retained to provide financial advice to the Aliso Viejo, California company, three of the sources said. It is unclear if a process has formally launched.
One of the sources added that Harris Williams was formerly engaged to advise on the buy-side as Nvision pursued tuck-in acquisitions.
Two of the sources placed Nvision’s pro forma adjusted Ebitda at approximately $20 million.
Nvision is likely viewed as a platform opportunity for private equity, one of the sources said, speculating the company is likely to command a low- to mid-teens Ebitda multiple. Another source said the multiple ought to fall south of that range.
The outcome will likely depend on how much of the business is Lasik vs. ophthalmology vs. optometry, another source added.
Nvision was founded in 1999 by Lasik surgeon Tom Tooma. Nvision surgeons provide eye surgeries including laser vision correction and cataract procedures. Its more than 30 locations, including eight ambulatory surgery centers, are located throughout California, Nevada, Oregon, Arizona and Washington
The vision care provider is led by CEO Chris Karkenny, who joined Nvision in April 2018. Karkenny is the former CEO of healthcare companies including Elements Behavioral Health and Apria Healthcare, which is now owned by Blackstone Group.
Nvision’s anticipated sales process comes as FFL Partners seeks a buyer for one of the largest players in North America, EyeCare Partners. The St. Louis integrated ophthalmology and optometry provider is working with Moelis on its recently launched auction, Buyouts reported.
The even larger MyEyeDr traded hands in a $2.7 billion deal earlier this year. Goldman Sachs through its merchant banking arm purchased the optometry-focused provider from Altas Partners following a Jefferies-run process.
Other sponsor-backed vision-care platforms include H.I.G.’s American Vision Partners, Harvest Partners’ EyeCare Services Partners, Blue Sea Capital’s Spectrum Vision Partners and Centre Partners’ Cheasapeake Eye Care and Laser Center.
Harris Williams and NVision executives didn’t return requests for comment.
Action Item: For more information on Nvision call (866) 204-3708.