West Street Capital Partners VII, a fund managed by the Merchant Banking Division of Goldman Sachs (“GS MBD”), Altas Partners (“Altas”) and Caisse de dépôt et placement du Québec (“CDPQ”) announced today their entry into a definitive agreement under which GS MBD will acquire Capital Vision Services, LP (“CVS”) from Altas and CDPQ. CVS, which provides management services to MyEyeDr. O.D.’s (“MyEyeDr.” or the “Company”) optometry practices, supports affiliated independent MyEyeDr. optometrists and their practices with a complete array of financial, marketing, human resources, and accounting services, along with managed care credentialing and claims processing. MyEyeDr. practices offer patients personalized and essential eye care services, an unmatched selection of prescription eyeglasses and sunglasses, and standard and specialty contact lenses to meet their unique vision, health and wellness needs.
“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.”
“We also thank Altas and CDPQ for their partnership and invaluable support these last several years,” added Downes. “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.”
“We are very excited to announce this transaction and mark the beginning of the next chapter of CVS’ success,” said Jo Natauri, Global Head of Healthcare Investing for the Goldman Sachs Merchant Banking Division. “We look forward to partnering with this talented management team and building on their foundation of commercial and operational 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.” “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,” said Scott Werry, a Managing Partner of Altas. “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.”
“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,” said Stéphane Etroy, Executive Vice-President and Head of Private Equity at CDPQ. “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.”
The transaction is expected to close in the third quarter of 2019 subject to customary closing conditions and regulatory approvals.
About Capital Vision Services, LP Founded in 2001, Capital Vision Services, which provides management services to full-service optometry practices, is a market leader. Its affiliated MyEyeDr. practices offer patients exceptional full-service vision care, a wide selection of prescription eyeglasses and sunglasses, and standard and specialty contact lenses. Capital Vision Services provides affiliated, independent optometrists with a complete array of financial, marketing, human resources and accounting services, along with managed care credentialing and claims processing.
For more information: https://www.capitalvisionservices.com/
About Goldman Sachs Merchant Banking Division Founded in 1869, The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm. Goldman Sachs Merchant Banking Division is the primary center for the firm’s long-term principal investing activity. With nine offices across seven countries, Goldman Sachs Merchant Banking Division is one of the leading private capital investors in the world with equity and credit investments across corporate, real estate and infrastructure strategies. Since 1986, the group has invested approximately $180 billion of levered capital across a number of geographies, industries and transaction types.
About Altas Partners Founded in 2012, Altas Partners is an investment firm with a long-term orientation focused on acquiring significant interests in high-quality, market-leading businesses in partnership with outstanding management teams. The firm manages more than $6 billion on behalf of endowments, foundations, public pension funds and other institutional investors. The firm’s past and present portfolio companies include University of St. Augustine for Health Sciences, Tecta America, Hub International, PADI, Capital Vision Services, Medforth Global Healthcare Education, and NSC Minerals.
For more information: https://www.altas.com
About Caisse de dépôt et placement du Québec Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As of December 31, 2018, it held CA$309.5 billion in net assets. As one of Canada’s leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages. Media Contacts:
For Goldman Sachs Merchant Banking Division: Leslie Shribman U.S.: +1 (212) 902 5400
For Altas Partners: Sard Verbinnen & Co. Julie Rudnick / Kevin Siegel