The Northeast market is one of many that saw significant ophthalmology investments in 2017, and new platforms will likely enter areas such as Western Pennsylvania and Upstate New York, according to PhysiciansFirst Healthcare Partners.
Here are four key updates on ophthalmology activity in the Northeast.
1. Claris Vision (Raynham, Mass.). Claris Vision formed in January 2011, when private equity firm Candescent Partners acquired Warwick, R.I.-based Koch Eye Associates, Wakefield, R.I.-based Seacoast Eye Associates and Dartmouth, Mass.-based Eye Health Vision Centers. Since then, Claris Vision acquired St. James Surgery Center in Warwick and Dartmouth-based Southcoast Eye Care. It now includes 14 eye care practices and ASCs. Candescent Partners sold its ownership in Claris Vision to an undisclosed acquirer at the beginning of 2018.
2. Omni Eye Services (Iselin, N.J.). Private equity firm New Mainstream Capital invested in Iselin, N.J.-based Omni Ophthalmic Management Consultants, Iselin-based Omni Eye Specialists and West Orange, N.J.-based Essex Specialized Surgical Institute in July 2017. The transaction formed the portfolio company Omni Eye Services. The company seeks to expand Omni's growth through acquisitions, de novo office openings, provider recruitment and infrastructure investment. In 2018, Omni Eye Services acquired Elmwood Park, N.J.-based Phillips Eye Center and King of Prussia, Pa.-based Kremer Eye Center.
3. Vantage EyeCare (Philadelphia). Vantage EyeCare has approximately 50 ophthalmologists and optometrists, making it one of the biggest private ophthalmology groups in the U.S. The platform formed through the combination of seven ophthalmology practices. It did not receive outside investment and remains physician-owned. These practices merged Jan. 1 to form the platform: West Chester, Pa.-based Chester County Eye Associates, Philadelphia-based Corneal Associates, Langhorne, Pa.-based Eye Associates of Bucks County, Philadelphia-based Glaucoma Physicians & Surgeons, Bala Cynwyd, Pa.-based Ophthalmic Partners of Pennsylvania and New Jersey, Philadelphia Eye Associates and Southampton, Pa.-based Tri-County Eye Physicians and Surgeons.
4. Spectrum Vision Partners (Westbury, N.Y.). In October 2017, PE firm Blue Sea Capital partnered with Ophthalmic Consultants of Long Island (N.Y.), which has more than 30 physicians and 15 New York locations. Blue Sea Capital formed portfolio company Spectrum Vision Partners in Westbury, N.Y., to facilitate OCLI's growth and spur future regional acquisitions. Spectrum Vision Partners now includes Fairfield-based Ophthalmic Consultants of Connecticut, Norwalk, Conn.-based New Vision Cataract Center and Glaucoma Consultants of Long Island in Bethpage, N.Y.