PE-backed AEG buys 11 Texas eyecare practices

Acuity Eyecare Group, a portfolio company of Riata Capital Group, has acquired 11 regional eyecare practices in Texas. No financial terms were disclosed.

PRESS RELEASE

DALLAS, Aug. 1, 2019 /PRNewswire/ — Riata Capital Group (“Riata”) announced that its portfolio company Acuity Eyecare Group (“AEG”), an owner and operator of leading North American eyecare groups and optometry practices, has acquired 11 regional eyecare practices in Texas. These acquisitions are the first for AEG in the Texas market and include:

EyeTx Vision Centers: Founded in 1985, EyeTx Vision Centers operates six locations across San Antonio, TX. EyeTx optometrists are therapeutic and glaucoma certified. They specialize in routine eye care, contact lens and gas permeable fittings, bi-focal contact lens fitting, kerotoconus fittings and ortho-K fittings. Cleinman Performance Partners served as the exclusive advisor for EyeTx Vision Centers.

Hill Country Vision Center: A five location optical group, Hill Country was founded in 1975 in Kerrville, TX. Its other locations are Fredricksburg, Hondo, Floresville, and Bulverde. HCVC’s specialties include comprehensive exams, LASIK consultations, and urgent care, as well as the treatment and management of eye diseases. Kavanagh Consulting served as the exclusive advisor for Hill Country Vision Center.

“We are thrilled to welcome these exceptional groups into our family and to introduce AEG to the great state of Texas,” said Eric Anderson, CEO of Acuity Eyecare Group. “Generations of Texans have enjoyed better vision because of EyeTx and Hill Country. It is an honor to join these communities and we look forward to serving generations to come.”

Jeff Fronterhouse, Managing Partner of Riata Capital Group, said: “We are excited to build on Acuity’s recent momentum, having completed seven acquisitions over the last two months. Texas is a promising market as we build Acuity Eyecare Group into a market-leading eyecare platform.”

About Acuity Eyecare Group
Acuity Eyecare Group (AEG) is a rapidly growing community of wholly-owned optical practices that deliver full-scope optometry coupled with a well-run dispensary. The core purpose that unifies AEG’s doctors and associates is to “improve the health of our community by helping our neighbors see better and look their best, one patient at a time”.

To achieve this, AEG strives to maintain the local DNA that has made each practice successful. At the same time, AEG enables each business to elevate its operation by leveraging our “Common Platform”.

Founded in March 2017, AEG currently operates 100+ locations operating under different regional brands across 10 states. For more information, please visit www.acuityeyecaregroup.com.

About Riata Capital Group, LLC
Riata Capital Group is a leading Dallas-based private equity investment firm that partners with seasoned management teams to invest in growing, profitable, privately-held companies across North America with a focus on three industry sectors: business services, consumer, and healthcare services. The firm takes a selective approach to investing in high-potential businesses whose owners and management teams want an investment partner with the capital, experience, and record of successful collaboration required to achieve their liquidity and value-creation objectives. Over the course of their careers, the principals of Riata have sponsored over 58 platform investments and 87 add-on acquisitions, representing over $4.5 billion in transaction value. With significant investment experience, a balanced team with financial and operating expertise, a strong team of seasoned operating partners, and significant experience in the firm’s core sectors, Riata provides a compelling value proposition to business owners and entrepreneurs. For more information, please visit www.riatacapital.com.