Eye Care Private Equity - Physician Growth Partners

Eye Care Private Equity – Market Update

Fall 2023

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Through the first three quarters of 2023, healthcare private equity transactions in eyecare exhibited a slowdown attributed to a rise in interest rates, an economic slowdown and other macroeconomic pressures. Throughout this time, several eye care platforms have focused on servicing their debt by creating efficiencies and focusing on organic growth opportunities.

Eye care is still experiencing strong M&A activity however, with over 30 transactions completed so far in 2023. The eye care private equity backed platforms are focused on partnering with quality practices that are leading with clinical excellence.


In recent years, several eyecare platforms have achieved substantial success in implementing their growth strategies, fostering widespread profitability, and facilitating equity growth for partner physicians. This has resulted in several private equity backed eyecare platforms experiencing a second sale recapitalization including EyeCare Partners, EyeSouth, and Vision Innovation Partners. At the same time, several platforms sold to a large pe-backed eye care platform inclusive of CEI Vision Partners, BlueSky Vision and Ocular Partners. We expect several other PE-backed platforms to experience a “second bite” in the near term, as well.

Private Equity Platforms Achieving Second Sale Since 2017

The eyecare market stands robust and maintains its status as a pivotal focus for private equity firms investing in healthcare. Despite notable consolidation across the country, owners should continue viewing private equity as an attractive option and we foresee favorable eye care M&A activity over the next 12-24 months.


Each pe-backed platform has its own strategy, with some experiencing more success than others. Therefore, in the process of evaluating and selecting a potential partner or buyer, the imperative lies in ensuring not only an agreement on economic value but also a cultural fit and track record, given the substantial divergence in these aspects among different platforms.

Interested in how private equity can be helpful in your practice?

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Recent Eyecare Transactions

Date TargetPE SponsorPlatformState
September 2023Retina and Vireous of TexasEyeSouth PartnersOlympus CorpTX
September 2023Insight Vision GroupUnifeye Vision PartnersWaud Capital PartnersCA
September 2023Sweeney Eye AssociatesUnifeye Vision PartnersWaud Capital PartnersTX
August 2023Mills Eye + Facial SurgeryAscend Vision PartnersChicago Pacific Founders FundFL
August 2023Thurmond Eye AssociatesAscend Vision PartnersChicago Pacific Founders FundTX
August 2023Middletown Eye Care & Settlers Walk Eye CareOptometric Management GroupVSP VenturesOH
June 2023Sierra Eye GroupUnifeye VisionUnifeye VisionCA
June 2023Advanced Eye Care AssociatesAscend Vision PartnersChicago Pacific Founders FundFL
June 2023Carolina Cataract and Eyecare Physicians & SurgeonsEyeSouth PartnersOlympus Corp.SC
June 2023Southwest Eye care & Eye consultants of North DakotaUnifeye Vision PartnersWaud Capital PartnersUS
May 2023Advanced Eye Care of Panama CityAscend Vision PartnersChicago Pacific Founders FundFL
May 2023Buffalo Niagara Retina AssociatesSpectrum Vision PartnersBlue Sea CapitalNY
May 2023Ophthalmology Associates of Western New YorkSpectrum Vision PartnersBlue Sea CapitalNY
May 2023Retina Consultants of Western New YorkSpectrum Vision PartnersBlue Sea CapitalNY
May 2023EyeplastxNVISION Eye CentersOntario TeachersTX
May 2023South Texas Ambulatory Surgery CenterNVISION Eye CentersOntario TeachersTX
May 2023The Eye Institute of Corpus Christi, TXNVISION Eye CentersOntario TeachersTX
May 2023Crossroads Eye Care AssociatesSpectrum Vision PartnersBlue Sea CapitalPA
May 2023Florida Eye CareAscend Vision PartnersChicago Pacific Founders FundFL
May 2023David Kading and Specialty EyeTreehouse EyesWA
April 2023Kings Eye CenterUnifeye Vision PartnersWaud Capital PartnersCA
April 2023Bellaire Family Eye CareTreehouse EyesTX
March 2023Retina ConsultationsRetina Consultants of AmericaWebster Equity PartnersNY
March 2023Winter Park OpthamologyAscend Vision PartnersChicago Pacific Founders FundCO
March 2023Elgut Eye CareAscend Vision PartnersChicago Pacific Founders FundFL
March 2023The Ophthalmic CenterSightMDSight Growth PartnersNY
January 2023Premier Eye CareHealth Network OneHIG Capital
January 2023Haas Vision CenterPanorama EyecareArchimedes Health InvestorsCO
January 2023Zimm Cataract and Laser center & Premier Surgical CenterSunvera GroupRidgemont Equity PartnersPA
January 2023Seal Beach OptometryAlamitos EyecareCA

About Our Firm

Physician Growth Partners (PGP) is a transaction advisory firm working exclusively with independent physician groups in transactions with private equity.

Differentiated Healthcare Transaction Advisors:

  • 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 focusing on both partnership and cultural fit, while simultaneously achieving a market clearing valuation

Recent Relevant Eyecare Transaction Expertise

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