Revelstoke divests stake in CVP to EyeCare Partners

Revelstoke Capital Partners has sold its investment in CEI Vision Partners to EyeCare Partners. No financial terms were disclosed. SVB Leerink LLC acted as financial advisor to Revelstoke on the deal. CVP is an ophthalmology group.

PRESS RELEASE

DENVER, CO, November 16, 2021 – Revelstoke Capital Partners (“Revelstoke”), a Denver-based private equity firm, announced today that it has sold its investment in CEI Vision Partners (“CVP” or the “Company”). CVP has been acquired by EyeCare Partners (“ECP”) to create the nation’s leading clinically integrated vision care network, consisting of more than 280 ophthalmologists and over 700 optometrists, supported by almost 5,000 clinical staff and 1,200 support services team members across 18 states.

Since Revelstoke partnered with Cincinnati Eye Institute in May 2018 to form CVP, nine additional ophthalmology groups have joined the platform: Dayton Eye Associates, Retina Physicians & Surgeons, Retina Vitreous Associates, Virginia Eye Consultants, Apex Eye, Virginia Beach Eye Center, Valley Eye Institute, Columbus Ophthalmology Associates, and Tidewater Eye Centers. CVP has grown rapidly to over 150 providers across all major ophthalmic subspecialties, who provide high-quality, patient-centric care through a network of 47 clinical centers and eight ambulatory surgical centers across the Midwest and Mid-Atlantic regions.

“We are proud to have helped CVP develop into one of the premier ophthalmology management service organizations,” said Andrew Welch, Partner at Revelstoke. “We could not have accomplished this without strong alignment of interest and a shared strategic vision with our physician partners and management and employees.”

“In addition to capital, Revelstoke brought significant resources and expertise that enabled CVP to pursue an accelerated, yet disciplined, growth strategy,” said Clyde Bell, Chief Executive Officer of CVP.

“Revelstoke was the clear partner of choice when we embarked on the formation of CVP – they understand how to partner with physicians and have significant experience scaling multi-site provider businesses,” added Daniel Miller, M.D., Ph.D., CVP’s Chief Medical Officer. “The physicians at CVP are excited to begin our next phase of growth with ECP. This partnership will further our mutual goal of creating the leading integrated eye care company in the U.S.”

Revelstoke rolled over a portion of its proceeds to become a meaningful equity holder in ECP alongside lead investor Partners Group, a leading global private markets firm, acting on behalf of its clients.

“We continue to believe in the long-term prospects of the vision care sector,” said Anthony Hayes, Partner at Revelstoke. “We are impressed by the vertically integrated platform ECP has built and are excited to partner with ECP on the next phase of growth and value creation.”

McGuireWoods LLP acted as legal counsel to CVP. SVB Leerink LLC acted as financial advisor to Revelstoke.

About Revelstoke
Revelstoke (www.revelstokecapital.com) is a private equity firm formed by experienced investors who focus on building industry-leading companies in the healthcare and related business services sectors. Revelstoke partners with entrepreneurs and management teams to execute on a disciplined organic and acquisition growth strategy as it strives to build exceptional companies. Revelstoke is based in Denver, Colorado and has approximately $3.8 billion of assets under management, which includes uncalled capital commitments made to Revelstoke-managed vehicles. Since the firm’s inception in 2013, Revelstoke has completed 116 acquisitions, which includes 21 platform companies and 95 add-on acquisitions.