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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 23 international journalism awards for its publication and website. Contact INVISION's editors at [email protected].

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