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Eyecare Management Firm Acquired by Goldman Sachs Division

The deal is expected to close in the 3rd quarter.

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Capital Vision Services LP, which provides management services to MyEyeDr. O.D.’s optometry practices, is being acquired by the Merchant Banking Division of Goldman Sachs.

The division is buying Capital Vision from Altas Partners and Caisse de dépôt et placement du Québec (CDPQ).

Financial terms of the deal were not disclosed. The transaction is expected to close in the third quarter of 2019 subject to customary closing conditions and regulatory approvals.

Capital Vision provides financial, marketing, human resources and accounting services, along with managed care credentialing and claims processing.

“We are thrilled to partner with GS MBD as we turn to the next chapter of our growth and champion a new path for eye care,” said Sue Downes, co-founder and CEO of CVS. “GS MBD’s funds have a long and established track record of successfully scaling healthcare companies, and we look forward to leveraging their expertise as we provide even more patients access to the latest in vision care technology.”

Downes added: “We also thank Altas and CDPQ for their partnership and invaluable support these last several years. By leveraging their operational expertise and strategic insight, we were able to significantly enhance our capabilities, processes and systems and strengthen our senior management team with the addition of multiple key hires.”

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Jo Natauri, global head of healthcare investing for the Goldman Sachs Merchant Banking Division, said, “We are very excited to announce this transaction and mark the beginning of the next chapter of CVS’ success. We look forward to partnering with this talented management team and building on their foundation of commercial and operating excellence. CVS has a proven consumer-directed healthcare model that champions optometrists and promotes eye health. We are proud to support the Company’s continued growth and pleased about this new investment, which expands our portfolio in the healthcare services sector.”

Scott Werry, a managing partner of Altas, stated, “We are extremely proud to have partnered with Sue Downes, David Sheffer and the entire CVS management team during this time of tremendous growth and development for the Company. At the time of our investment in 2015, CVS managed 165 practices in 7 states; by the end of this year, the Company’s footprint will have grown to 575 practices in 18 states nationwide. CVS is well ahead of schedule in achieving our strategic vision for the business, which was focused on significantly enhancing its scale and scope while delivering improved patient outcomes across its affiliated practices.”

Stéphane Etroy, executive vice-president and head of private equity at CDPQ, said, “CVS achieved tremendous success in growing the Company during the past few years. This is now a world-class organization that is poised for continued growth in the coming years. It is a great experience to work alongside an exceptional management team such as the one leading CVS and support them with the right mix of strategic input and tools that enable them to thrive.”

Since launching in 2014, INVISION has won 21 international journalism awards for its publication and website. Contact INVISION's editors at editor@invisionmag.com.

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Optical Company to Close Its Doors

It’s the “only remaining manufacturer of glass lenses and polarized glass lenses in the USA.”

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Sauk Rapids, MN-based X-Cel Optical is closing its doors.

The Sauk Rapids facility will shut down permanently in June 2020, WJON-AM reports.

The operation, part of Essilor of America, primarily manufactures bifocals, trifocals and glass lenses. A company spokeswoman told WJON that decreased demand for those products is a factor in the closure.

The facility has 125 full-time employees, all of whom will be affected. But WJON reports that they will be able to move into jobs at other Essilor-owned facilities in the region if they wish.

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Todd Schultz, community development director for Sauk Rapids, told the news outlet that the company plans to move the operations to locations outside the U.S.

Founded in Detroit in 1937, X-Cel Optical is “the only remaining manufacturer of glass lenses and polarized glass lenses in the USA,” according to its website.

Read more at WJON-AM

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Eyecare Centers Report Data Breach

They fell victim to malware.

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SWANSEA, IL — JFJ Eyecare Ltd., doing business as Quantum Vision Centers and Eye Surgery Center LLC, announced that some of its systems were accessed by an unauthorized person.

“While there is no evidence that suggests that any data was actually taken, Quantum Vision Centers and Eye Surgery Center have mailed letters to individuals whose information may have been affected,” the company stated in a press release.

On April 18, Quantum Vision Centers and Eye Surgery Center “became aware of an incident in which malware was introduced by an unauthorized person into some of their systems,” according to the release.

The malware encrypted certain files, including on a server that contained patient protected health information. The types of affected data may include first and last name, date of birth, address, social security number and information relating to health insurance coverage.

“There is currently no evidence that suggests this malware incident actually resulted in the acquisition of any personal information beyond its encryption, but that possibility cannot be conclusively ruled out,” the company stated.

Quantum Vision Centers and Eye Surgery Center have taken steps including “working diligently to contain the promulgation of the malware, and engaging a third-party forensics firm to investigate the scope and source of the incident.” They also deployed backup measures to recover the data that had been encrypted by the malware and to ensure that the services to patients could continue with limited interruption.

“Quantum Vision Centers and Eye Surgery Center continue to work on ways to mitigate the risk of future such incidents,” according to the release. “Out of an abundance of caution, they are providing patients that may have been affected by this incident with one year of credit monitoring services at no cost to them.”

Quantum Vision Centers and Eye Surgery Center encourage patients to remain vigilant over the coming months and regularly review their bank and other financial account statements, as well as their credit report. Patients that have any reason to believe that they may be the victim of identity theft, or notice any suspicious activity on any of their accounts, should immediately notify the relevant institution, their local law enforcement agency, their state’s Attorney General and the Federal Trade Commission.

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Safilo Plans New US Facility

It will be located in Denver.

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(PRESS RELEASE) PADUA/SECAUCUS – Eyewear maker Safilo has announced plans to open a new North American Distribution Center in Denver, CO.

The company took possession of the new Denver Logistics Hub on June 18, with the expectation of being fully operational within the third quarter of this year, according to a press release. The existing Safilo North American Distribution Centers in Clearfield, UT, and Montreal, along with the other existing facility in Denver, will be integrated into the new Denver facility. The company’s lab facility for Smith prescription lenses, currently located in Clearfield, will also be relocated to the new Denver Distribution Center.

This decision follows the company’s plans to merge four distribution centers into one hub and operationally streamline and modernize its U.S. logistics and distribution network. The first phase was initiated by the move in June 2016 of its Parsippany, NJ, Distribution Center to the current Denver location. This was followed in July 2017 by the move of Safilo’s North American headquarters to Secaucus, NJ.

The new logistics hub in Denver will allow for an important improvement in efficiency — a 20% increase of inventory capacity and a 15% improvement in delivery performance, according to the release. It will also include environmentally sustainable features such as carbon footprint reduction and the use of eco-friendly materials for packaging.

“I’m very excited to see this major initiative which illustrates the company’s commitment to better serve our customers in North America become a reality,” said Steve Wright, president and chief commercial officer of Safilo North America. “This integration of three warehouses into a single, new, cutting-edge facility in a part of Denver where other major distribution centers are located allows us to combine functions under one technologically superior facility to meet the needs of our customers and the ever-increasing demands of the end consumer.”

“This is a landmark initiative for Safilo that leverages Denver’s already successful track record of delivering distribution and logistics across the region, and will further optimize our customer service levels across North America thanks to the investments in automation and digitalization, leveraging the new hub as a competitive advantage for the Group worldwide and also increasing our people’s skills and capabilities,” said Fabio Roppoli, chief product supply officer of Safilo Group. “The new D.C. will offer top-of-the-line warehouse and D&L capabilities for maximum operational efficiency.”

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