Physician Growth Partners Advises Associates in Ophthalmology in a Partnership With Spectrum Vision Partners
Physician Growth Partners (“PGP”) is proud to have served as the exclusive adviser to Associates in Ophthalmology (“AIO” or “the Practice”) in a transaction with Spectrum Vision Partners (“SVP”), a private equity portfolio company of Blue Sea Capital. The transaction establishes Spectrum’s regional presence within the Western Pennsylvania market.
Led by Drs. Jack Nairn, Brian Jewart, Lisa Cibik, and Chris Seebruck, AIO has grown to become the premier multi-specialty eye care provider of Western Pennsylvania. AIO’s consistent growth within its core and adjacent markets can be accredited to being led by pioneers in their field who provide the latest advancements in eye care – namely, being the first practice to offer laser-enabled cataract surgery in Western Pennsylvania. Today, they deliver services across a 9 location footprint, inclusive of 8 clinical locations and an ambulatory surgery center, all of which utilize state-of-the-art equipment. Their 14 provider base, many of whom are sub-specialty trained, includes five vitreo-retinal specialists, two cataract specialists, one glaucoma specialist, and one pediatric specialist, along with five optometrists. In-tandem with a standout management team led by COO Mike Lutz, AIO has established its position as the preeminent eye care practice in the market.
Spectrum Vision Partners will continue to expand upon AIO’s dominant presence through the continued recruitment of outstanding eye care professionals, geographic expansion, and other strategic growth objectives.
Physician Growth Partners served as the exclusive transaction advisor to Associates in Ophthalmology.
Dr. Jack Nairn noted “our experience working with PGP was a productive and collaborative process. From the beginning, their advice and strategy were tailored to our specific goals. PGP did an exceptional job drawing on their experience and capabilities to provide top-tier advisory services. We found Michael Kroin and his team to be extremely knowledgeable and accessible, which led to a very favorable outcome.”
Dr. Brian Jewart added “PGP came in with a concise plan on how to run a streamlined Private Equity process for our multi-specialty practice, and they delivered. Michael Kroin and his team kept us on track and on schedule throughout. More importantly, as the process inevitably got complicated, they reminded us of our original goals and delivered an outcome above our expectations. Their attention to detail up to the minute of closing was truly impressive. We are very grateful for PGP’s support and leadership in finding the strategic partner that best suited our goals.”
Operational leader and COO Mike Lutz concluded “The PGP team was exceptional. From our initial meeting to the closing date, they were consistent in their professional approach and ran a smooth, streamlined process. Managing Partner Michael Kroin and his team were very involved in the details every step of the way, and simultaneously involved our leadership team in an efficient manner that did not waste anyone’s time. They exceeded expectations in every aspect of the deal. I would highly recommend PGP to any physician group looking to explore a potential transaction.”
Michael Kroin, Managing Partner, speaking on the process noted “through AIO’s exceptional lead physicians, outstanding clinical reputation, and unmatched management team, it was clear from the outset that the partners and Mike Lutz had worked together to build a quality platform that would garner an exceptional response from the market. It was an honor to have the AIO team entrust us to run a competitive process that culminated in a transaction with Spectrum Vision Partners. While there were a handful of attractive offers presented, we believe that SVP’s impressive network of providers and strategic goals aligned best with AIO’s. We look forward to seeing AIO flourish in the Western Pennsylvania market and beyond alongside Spectrum. ”