Physician Growth Partners Advises the Eye Institute of West Florida in a Partnership With EyeCare Partners
Physician Growth Partners (“PGP”) is proud to have advised The Eye Institute of West Florida (“the Practice”) in a transaction with EyeCare Partners (“ECP”), a private equity portfolio company of Partners Group. This partnership will bolster ECP’s presence in the Florida market while simultaneously establishing a premier, regional hub for the group in Tampa, Florida.
Founded by Dr. Stephen Weinstock, the Practice has grown into an internationally recognized center of excellence and innovation and the premier, integrated eye care group in Western Florida. The practice offers a complete suite of services across its footprint, which includes five comprehensive eye care locations, an aesthetic institute, and a state-of-the-art surgery center, serving as a true “one-stop-shop” in the greater West Florida market.
Under the leadership of Dr. Stephen Weinstock and Medical Director Dr. Rob Weinstock, the Practice has grown to employ over 25 providers with leading sub-specialists in cataract and refractive surgery, cornea, glaucoma, retina, and oculo-plastic surgery. The Practice’s successful growth history has been underpinned by their unmatched clinical reputation and position as a pioneer within eye care, solidified by the fact that they were the first in the world to offer multiple, advanced procedures including 3-D heads-up cataract surgery, phacoemulsification and small-incision bimanual surgery.
EyeCare Partners will seek to build upon the incredible foundation laid by the Eye Institute West Florida team through continued geographic expansion, the recruitment of more exceptional eye care providers, acquisition opportunities and other supplemental growth initiatives across West Florida.
Physician Growth Partners served as the exclusive transaction advisor to The Eye Institute of West Florida.
Dr. Stephen Weinstock, the founder of the Practice, noted, “Without PGP’s expert help, I doubt we would have successfully brought our merger to conclusion. They guided us to the right partner and controlled the process from the beginning to the end. Due diligence is an incredibly arduous task, and without direction from PGP, I don’t believe we would have made it halfway through. They were always available to clarify, intervene, find the best path forward, answer all questions, and take control. I can’t speak highly enough of their negotiating skill and ability, not only to get the job done, but to get it done right. Thank you, Michael and team.”
Dr. Robert Weinstock, the Medical Director of the Practice, also mentioned that “after a solo exploration of the private equity landscape, which was filled with disappointment, it became apparent to me that we needed professional guidance in handling the complexities of such a substantial transaction. After much diligence, we settled on Physician Growth Partners to assist us in this paramount undertaking. Without their guidance and knowledge, there is no possible way we would’ve wound up in the successful position that we find ourselves in now. The amount of time, energy, and value provided by Michael Kroin and his team was priceless. They helped identify the best possible partner to ensure the cultural longevity of our legacy practice while simultaneously maximizing our value far beyond our expectations. PGP always understood that it is not just about the dollars, but about the right cultural fit and sustainability. They were overly cognizant of the fact that quality patient care is the overarching goal of all parties involved and needs to be priority one in any transaction of this kind.”
Michael Kroin, Managing Partner, concluded, “It was evident from the work we did upfront that our client had built a truly exceptional eye care platform that leads with clinical excellence. Their strong reputation was something we knew would drive substantial interest from the market. They entrusted us to run a competitive process and the outcome resulted in numerous, attractive opportunities. Ultimately, the decision was made to partner with EyeCare Partners. We felt their position as the nation’s leading integrated eye care network and the resources at their disposal would best enable The Eye Institute of West Florida to continue to accelerate their growth while maintaining their clinical reputation. We have no doubt that this partnership will be incredibly successful for years to come”
About Physician Growth Partners
Physician Growth Partners is one of the most active national healthcare advisory firms dedicated to representing physician platforms in transactions with private equity. PGP creates value by providing operational support, strategic positioning, and transaction advisory, ultimately realizing an optimal outcome for its clients. For more information, please visit physiciangrowthpartners.com.
For more information about Physician Growth Partners, please contact Michael Kroin at Physician Growth Partners.