DALLAS — Acuity Eyecare Group, a portfolio company of Riata Capital Group, has received a “substantial” equity investment from J.P. Morgan Asset Management.
The investment “positions Riata to achieve its stated plan of building Acuity to 200-300 locations over a three-to-five-year period through the acquisition of additional regional eyecare groups and independent optometry practices,” according to a press release.
Financial terms of the investment were not disclosed.
Acuity now owns nearly 90 locations across eight states under 10 different local brands, as well as a digital lab operation, The First Look Lab, located outside St. Louis. The company expects to exceed 100 locations in early 2019 based on eyecare groups under letter of intent and its pipeline of prospects.
In the same release, Riata announced that Acuity has acquired two new regional eyecare groups, totaling 18 locations:
- ABBA Eye Care, based in Colorado Springs, CO, which operates 13 full-service optometry locations in Colorado Springs, Pueblo, Alamosa, Aurora, Fountain, Gunnison, La Junta, Lamar and Pagosa Springs.
- EyeCare Specialties, based in Lincoln, NE, which operates five full-service optometry locations in Lincoln, Beatrice and Fremont.
Eric Anderson, CEO of Acuity Eyecare Group, said: “We are very excited and privileged to add ABBA Eye Care and EyeCare Specialties to our growing Acuity family. Both brands share our values and core purpose as a caring community of local eye care providers. These practices are a great fit for Acuity given their focus on patient care and full-scope optometry. We are very pleased to have received such positive response in the marketplace, as eyecare groups and their providers are enthusiastic about partnering with Acuity.”
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Jeff Fronterhouse, managing partner of Riata, said: “We are excited to have J.P. Morgan Asset Management join us as an equity partner as we continue to build Acuity Eyecare Group into a market-leading eyecare platform. And the addition of ABBA Eye Care and EyeCare Specialties, two medically-oriented optometry groups, is a terrific way to finish out a strong 2018 for Acuity Eyecare Group. We look forward to continued growth and expansion in 2019.”
