Candescent Partners Acquires Eye Health Vision Centers
Boston, MA — January 4, 2013 — Candescent Partners, a Boston-based private equity firm, announced that its portfolio company, Koch Eye Associates, has acquired Eye Health Vision Centers, a comprehensive vision health company in Southeastern Massachusetts. Candescent led the transaction with co-investors Eagle Private Capital, First New England Capital, Bay Capital, Pine Street Capital Partners and Plexus Capital.
Eye Health's founder, Dr. Stephen Sullivan, opened a solo ophthalmology practice in New Bedford almost 40 years ago that has grown to include five full service vision and hearing centers and a surgery center. With 24 doctors plus some 165 employees, Eye Health is the market leader in providing the finest in medical care and exceptional customer service.
Dr. Sullivan who plans to continue to care for patients remarked, "I am excited to now be a part of a much larger organization, and to partner with them in continuing to achieve the goals that I embarked upon years ago. Together we will be able to provide the most innovative care to help people see their very best."
"We look forward to the integration of the two largest comprehensive vision health companies in New England," commented Sandy McGrath, Managing Partner of Candescent Partners. "The complementary strengths of Eye Health and Koch Eye Associates will provide an exceptional platform for setting the highest standards of care for vision health in the region."
About Candescent Partners
Candescent Partners is a Boston-based private equity firm that provides smart and innovative capital solutions to growth companies in the lower middle market in healthcare services, business services, software and consumer products and services. Steve Jenks and Sandy McGrath founded Candescent in 2008. Steve Sahlman joined the partnership in 2009. Candescent invests in businesses with annual EBITDA between $2 and $8 million and enterprise values between $10 and $75 million. For more information, visit: www.candescentpartners.com
About Koch Eye Associates
Headquartered in Warwick, R.I., Koch Eye Associates is one of the largest providers of optometry and ophthalmology services in New England. Founded by the Koch family in 1981, Koch currently operates seven locations throughout Rhode Island and performs a high volume of surgical procedures at a Company-owned surgery center. For more information, visit: www.kocheye.com
About Eye Health Vision Centers
Headquartered in Dartmouth, MA, Eye Health Vision Centers is one of the largest providers of ophthalmology and optometry services in Massachusetts. Founded by Dr. Stephen Sullivan, Eye Health Vision Centers currently operates five locations throughout Southeastern Massachusetts and Rhode Island and provides comprehensive eye care services including routine eye examinations, Lasik surgery, cataract surgery, and retina and glaucoma treatment. For more information, visit: www.eyehealthvision.com