Physician Growth Partners Advises Leading Midwest Eye Care Platform | PGP

Physician Growth Partners Advises Leading Midwest Eye Care Platform

sell medical practice

In December 2019, Physician Growth Partners (PGP) advised Cleveland Eye Clinic (CEC) and its subsidiaries in a sale to private equity-backed Midwest Vision Partners (MVP). CEC stands out as one of the leading integrated independent ophthalmology groups across the Midwest with over 20 providers and 13 locations inclusive of a surgery center and Lasik center dominating the Northern Ohio market. As a leading player in the region, CEC understood it had many options to choose from in building upon its continued growth trajectory.

Why PGP?

CEC’s decision to engage Physician Growth Partners was centered around the desire to explore all growth options. The group had a focus on receiving value for the platform built to date along with selecting a partner who could accelerate their ambitious business and clinical goals.

PGP was able to deliver a superior outcome by executing a competitive process that included over 75 private equity parties to find the right partner while completing meaningful due-diligence throughout the process to ensure expectations were aligned and value was maintained.

Handling Complexity

Although the business was highly complex, with eight legal entities and six shareholders, PGP was able to articulate CEC’s unique value proposition and growth strategy in order to position it as a preeminent ophthalmology platform in the midwest.

Attractive Private Equity Partners

The competitive nature of the process resulted in CEC having multiple attractive candidates to choose from, granting them the ability to set value aside and focus instead on the group who would be the best private equity partner in the next chapter of growth.

Choosing Midwest Vision Partners

Cleveland Eye Clinic ultimately chose Midwest Vision Partners (MVP), a private equity firm backed by Alpine Investors’ platform. MVP recognized the strategic importance of the CEC platform in its goal of developing a leading eye care business in the Midwest.

CEC shareholder Bill Wiley, MD concluded PGP “performed a phenomenal job in forming this partnership. We are thrilled with the overall process and could not have expected a better overall outcome. After going through this process, I now appreciate that we would not have been able to achieve this fantastic outcome without the help of the team at PGP.”

For More Information, please contact Michael Kroin, the Managing Partner of Physician Growth Partners at [email protected]

The full press release can be found here: