Ontario Teachers’ Pension Plan has acquired a majority stake in Nvision Eye Centers, an Aliso Viejo, California-based provider of comprehensive eye care services. No financial terms were disclosed. Nvision is the latest investment in multi-site, medical services companies made by the Ontario Teachers’ healthcare team.
TORONTO, ONTARIO / ALISO VIEJO, CALIFORNIA – Ontario Teachers’ Pension Plan Board (Ontario Teachers’), today announced the acquisition of a majority stake in NVISION Eye Centers (NVISION), a leading provider of comprehensive eye care services in the Western United States. As part of the transaction, NVISION founder, Dr. Tom Tooma, will retain a significant minority position in NVISION, serve as the Chief Medical Officer and a Member of the Board of Directors. Terms of the transaction are not being disclosed.
Founded in 2010 by Dr. Tooma, NVISION is a leading provider of comprehensive eye care services in the U.S., with 43 locations, including eight ambulatory surgery centers, across California, Nevada, Oregon, Washington and Arizona. An innovative leader in ophthalmology, NVISION is dedicated to providing the best patient experience with superior clinical outcomes. The NVISION team of surgeons have performed more than two million cataract and refractive surgeries to improve their patient’s eyesight.
“We are thrilled to have the opportunity to partner with such an experienced team at Ontario Teachers’. NVISION’s focus has always been on providing excellent clinical and surgical outcomes by a team of surgeons and staff who really care. The experience and the financial resources of the team at Ontario Teachers’, combined with the expertise of our management team led by our CEO Chris Karkenny, will enable us to accelerate our growth by deepening and expanding our geographic presence while continuing to focus on offering exceptional eye care services,” said Dr. Tooma.
“Our investment in NVISION is supported by demographic and health factors that are increasing demand for high-quality eye care. The company is well-positioned in this market given their outstanding clinical reputation built on exceptional outcomes for their patients,” said Karen Frank, Senior Managing Director, Equities at Ontario Teachers’. “We look forward to working with Dr. Tooma and the management team as they embark on the next phase of growth for the business.”
NVISION is the latest investment in multi-site, medical services companies made by the Ontario Teachers’ healthcare team. Previous investments include Heartland Dental, PetVet Care Centers and PhyNet Dermatology.
Sullivan & Cromwell LLP and Bass, Berry & Sims PLC served as legal advisors to NVISION, and Harris Williams & Co. served as financial advisor to NVISION. Weil, Gotshal & Manges LLP served as legal advisor to Ontario Teachers’.
About Ontario Teachers’
The Ontario Teachers’ Pension Plan Board (Ontario Teachers’) is the administrator of Canada’s largest single-profession pension plan, with C$204.7 billion in net assets (all figures at June 30, 2020 unless noted). It holds a diverse global portfolio of assets, approximately 80% of which is managed in-house, and has earned an annual total-fund net return of 9.5% since the plan’s founding in 1990. Ontario Teachers’ is an independent organization headquartered in Toronto. Its Asia-Pacific regional offices are in Hong Kong and Singapore, and its Europe, Middle East & Africa region office is in London. The defined-benefit plan, which is fully funded as of January 1, 2020, invests and administers the pensions of the province of Ontario’s 329,000 active and retired teachers. For more information, visit otpp.com and follow us on Twitter @OtppInfo.
About NVISION Eye Centers
NVISION Eye Centers (NVISION) is one of the nation’s leading providers of ophthalmic physician services. Based in Aliso Viejo, California, NVISION operates 43 locations that include 8 ambulatory surgery centers. NVISION is an innovative leader in ophthalmology, with a patient first commitment. Eye care is delivered using the latest clinical and surgical technology by the most talented and experienced surgeons in the industry. NVISION was founded in 2010 by Tom Tooma, M.D. The NVISION team of surgeons have performed more than 2,000,000 cataract and refractive surgeries. With over 2,500 eye doctors referring their patients and trusting their own eyes to NVISION surgeons, NVISION is the eye doctor’s #1 choice. For more information, visit www.NVISIONCenters.com or call 866-204-3708.