Eye Care Private Equity | Market Update Fall 2022 | PGP

Eye Care Private Equity – Market Update

Fall 2022

Since 2017 eye care has quickly become one of the largest areas for private equity investment in the entire healthcare market. As of 2022 as many as 8% of the nation’s ophthalmologists are now working in partnership with a private equity-backed platform. This recent investment boom is driven by major fragmentation within the market, an aging population that needs eye care, and significant economic success within the sector. 

So far in 2022, there have been more than 60 ophthalmology transactions with a wide range of platforms around the US. With consolidation in the sector happening faster than ever, eye care physicians may partner with a growing number of private equity-backed platforms to reap the benefits of scale. That said, with the maturation of the sector following this wave of consolidation, there will likely be fewer new private equity groups entering the eye care space. Additionally, rising interest rates and widespread belief that a bear market will last into 2023, has led to a softening of credit markets and has begun to impact valuations. 

Map of Eye Care Private Equity Update Fall 2022

In conclusion, the eye care market has seen record activity in the past 12 months. The maturation of the sector and success of existing platforms gives independent groups more routes than ever to find the right partner and achieve scale. The PGP team continues to advise many eye care practices that are taking advantage of the proven private equity growth model. 

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Recent Transaction Activity in Eye Care

DateTargetPlatformPE SponsorState
November 2022University Retina and Macula AssociatesEyeSouth PartnersOlympus Corp.IL
November 2022Larry Goldberg, MDSight360SBJFL
November 2022Heart of America Eye CareVision Integrated PartnersFirmamentKS
November 2022Illinois Retina AssociatesRetina Consultants of AmericaWebster Equity PartnersIL
November 2022Silver Spring EyePRISM Vision GroupQuad-CMD
November 2022Eye Care of San DiegoUnifeye Vision PartnersWaud Capital PartnersCA
October 2022Prado Vision CenterSight360SBJFL
October 2022Novus Clinic, Corrective Eye Center & Retina Specialists of OhioEyeCare PartnersPartners GroupOH
September 2022EyeSouth PartnersEyeSouth PartnersOlympus Corp.GA
September 2022Mitchell & Morin Eye InstitutePrism Vision GroupQuad-CVA
September 2022Armesto Eye AssociatesSpectrum Vision PartnersBlue Sea CapitalPA
September 2022Arbor Centers for EyeCare and Chicago Eye InstituteEyeSouth PartnersShore CapitalIL
September 2022Britton Vision Associates and Southwest Eye ClinicVision Integrated PartnersFirmamentOK
September 2022Eastern Eye CareUS EyePamlico CapitalSC
September 2022West Georgia Eye Care CenterEye Health AmericaLLR PartnersGA
September 2022Evergreen Vision Clinic PCPanorama EyecareArchimedes Health InvestorsCO
September 202220/20 Vision CenterPanorama EyecareArchimedes Health InvestorsCO
September 2022Morristown Ophthalmology AssociatesSpectrum Vision PartnersBlue Sea CapitalNJ
September 2022Raleigh OphthalmologyEyeSouth PartnersShore CapitalNC
September 2022Greenwich Ophthalmology AssociatesReFocus Eye HealthZenyth PartnersCT
August 2022NY Vision GroupSpectrum Vision PartnersBlue Sea CapitalNY
August 2022Seidenberg Protzko Eye AssociatesPrism Vision GroupQuad-CMD
August 2022Magruder Eye InstituteAscend Vision PartnersChicago Pacific Founders FundFL
August 2022Boulder Eyes/Beyer LASIKPanorama EyecareArchimedes Health InvestorsCO
August 2022Regional Eye CenterUnifeye Vision PartnersWaud Capital PartnersMN
July 2022Central Maryland Eye AssociatesPrism Vision GroupQuad-CMD
July 2022Bradenton Eye ClinicEye Health AmericaLLR PartnersFL
July 2022Shaaf Eye CenterUnifeye Vision PartnersWaud CapitalCA
July 2022Rockland Eye Physicians & SurgeonsSpectrum Vision PartnersBlue Sea CapitalNY
July 2022Retina Associates of Southern CaliforniaNVISION Eye CentersOntario TeachersCA
July 2022Salt Lake RetinaNVISION Eye CentersOntario TeachersUT
June 2022Spectrum Eye InstituteMidwest Vision PartnersAlpine InvestorsIL
June 2022Lee Eye CenterMidwest Vision PartnersAlpine InvestorsPA
June 2022South Jersey Eye PhysiciansPrism Vision GroupQuad-CNJ
June 2022InFocus EyecareInFocus EyecareRegal Healthcare CapitalNY
June 2022Eye Specialists of WestchesterSightMDChicago Pacific Founders FundNY

About Physician Growth Partners

  • Physician Growth Partners (PGP) is a transaction advisory firm that represents independent physician groups working with private equity
  • We are Healthcare Transaction Advisors differentiated by:
    • Senior partner involvement at every stage of the process
    • Extensive physician practice transaction experience
    • Unmatched relationships with all key private equity and strategic buyers interested in eye care
    • Educational approach focused on partnership and cultural fit, while achieving a market clearing valuation

Our Recent Eye Care Transaction Expertise

Visionary Eye Care partnership with Spectrum Transaction
Midwest Eye Consultants Transaction
US Eye Pamlico Capital Transaction
Eye Institute of West Florida Transaction

Cleveland eye clinic partnered with midwest vision

Learn More About Eye Care Private Equity

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