(PRESS RELEASE) Chicago Eye Institute (“CEI”) and Arbor Centers for EyeCare (“Arbor”), two of the leading ophthalmology practices serving the Chicago market, announced that they have entered into a strategic partnership with MoonSail Capital, LLC (“MoonSail”) and Plenary Partners (“Plenary”) to form Ocular Partners, Inc. (“Ocular Partners” or the “Company”), the premier physician-led eye care group in greater Chicago. The investment by MoonSail and Plenary will support growth initiatives of best-in-class ophthalmic practices throughout the Midwest region.
Dr. Osvaldo Lopez, co-founder of CEI, will serve as the Company’s Chairman, while Arbor’s President, Dr. Chris Albanis, will lead the new Company as founding CEO. The new Ocular Partners platform will initially serve more than 20 providers, including some of the nation’s leading cataract, cornea, refractive, glaucoma and retina surgeons with more than 125,000 service encounters annually through nine clinical locations throughout Chicago. Ocular Partners is committed to providing outstanding clinical and surgical care to patients through a personalized and compassionate approach to medicine and provides administrative services to practices in its network.
Dr. Lopez said, “Forming Ocular Partners and having Arbor and CEI join forces creates the premier eye care organization in Chicago. CEI was established more than four decades ago with the single objective of delivering exceptional eye care to our patients. My partners and I are excited to come together with MoonSail, Plenary and our distinguished colleagues at Arbor to lead the nation’s premier ophthalmic services platform.”
Dr. Albanis commented, “With a history of clinical and surgical excellence dating back to the 1940s, our common passion for preserving and restoring the gift of sight will continue to serve as the foundation. Ocular Partners seeks to affiliate with, recruit and retain the best and brightest clinicians and surgeons. Our new financial partners understand and support our shared vision of clinical and surgical excellence, innovation, leadership, close ties to the academic community, strong work ethic and physician-directed culture.”
Joseph Acevedo, co-founder and managing director of MoonSail Capital, said, “MoonSail is dedicated to unlocking value in lower middle market companies with a special focus on the fragmented healthcare services sector. Powerful macro trends support the prospective demand for vision care and we are honored by the opportunity to work with such a distinguished group of physician leaders and operationally focused investors to build a great company. Dr. Albanis is an incredibly dedicated and talented physician, she brings years of experience as a manager and she serves as a leader in the ophthalmic community. Dr. Lopez has the respect of the broader eye care community, has long been a well-known innovator in his field and has been recognized at multiple levels with honors and awards.”
Toni Peláez, managing partner at Plenary, said, “As locals who had carefully studied the fragmented ophthalmology market nationally, we are thrilled by the opportunity to partner with two of the premier practices in greater Chicago. With MoonSail’s buy-and-build expertise and financial support we are confident we will propel the growth of the Ocular Partners platform.”
Muzinich & Co. provided financing and made a co-investment in the transaction. McGuireWoods provided legal advice to MoonSail and Plenary.