Riata Capital Group (“Riata”) said Tuesday that its portfolio company Acuity Eyecare Group has acquired two separate Pittsburgh-area eyecare practices, Eyes on Regent Square (in Pittsburgh) and Clear Vision Family Eyecare, a single-location practice based in Mars, PA (north of Pittsburgh), and a Cleveland-area eyecare practice,Gale’s Vision Source, a single-location practice based in Solon, OH (east of Cleveland). The terms of the transactions were not disclosed. Acuity now owns and operates more than 100 eyecare and optometry locations across 10 states, according to Tuesday’s announcement. The firm also owns a large, full-service digital lab operation outside of St. Louis. Acuity said it expects to expand to more than 150 locations by early 2020.
- Eyes on Regent Square: Founded in 1992, is well known for its state-of-the-art technology and highly personalized service. The practice offers comprehensive eye exams,specializing in ocular disease, ocular trauma care and preoperative consultations for refractive surgeries. Eyes on Regent Square and its founder,Dr. Maureen Weldon Kamons, OD, have received multiple awards and recognitions,including “Best of Pittsburgh” and “Optometrist of the Year.”
- Clear Vision Family Eyecare: Founded in 2007 by Drs. Shannon Mihalacki, OD, and Rebecca Woodring, OD,has always focused on providing patients with an excellent eyecare experience combined with outstanding service. The practice provides comprehensive care in ocular health, including dry eye management, refractive surgery co-management,pediatric eyecare and disease management.
- Gale’s Vision Source: Founded in 1973 in Solon, Ohio by Dr. David J. Gale, OD, Gale’s Vision Source is known in the Solon community as a leading provider of vision care products and customer service. The practice offers comprehensive eye exams and several cutting-edge vision care services,including pediatric eye health care, dry eye relief, eye disease treatment, and orthokeratology.
“Eyes on Regent Square and Clear Vision Family Eyecare are wonderful additions to our Acuity family,” Chief Executive Officer Eric Anderson said. “They are both highly regarded practices that align very well with Acuity’s core purpose and values with their commitment to excellence in patient care.” Anderson continued, “We are also very pleased with the acquisition of Gale’s Vision Source. They are a natural addition to the Acuity portfolio as their long-standing reputation for providing high quality, patient-focused services makes them a great fit with our team’s vision as caring eye care providers in our local communities.”
The addition of the Eyes on Regent Square and Clear Vision Family Eyecare practices also expands Acuity’s “strong foundation in the Pittsburgh market,” added Bret Davis, VP Corporate Development. “We continue to receive very positive interest from the industry based on our strategically differentiated business model,” he said.
About Acuity Eyecare Group
Acuity Eyecare Group (“AEG”) is a rapidly growing community of wholly-owned optical practices that deliver full-scope optometry coupled with a well-run dispensary. The core purpose that unifies AEG’s doctors and associates is to “improve the health of our community by helping our neighbors see better and look their best, one patient at a time”. To achieve this, AEG strives to maintain the local DNA that has made each practice successful. At the same time, AEG enables each business to elevate its operation by leveraging our “Common Platform”. Founded in March 2017, AEG currently operates 100+ locations operating under different regional brands across 10 states. For more information, please visit www.acuityeyecaregroup.com.
About Riata Capital Group
Riata Capital Group is a leading Dallas-based private equity investment firm that partners with seasoned management teams to invest in growing, profitable, privately-held companies across North America with a focus on three industry sectors: business services, consumer, and healthcare services. The firm takes a selective approach to investing in high-potential businesses whose owners and management teams want an investment partner with the capital, experience, and record of successful collaboration required to achieve their liquidity and value-creation objectives. Riata has closed over 20 acquisitions in the past twenty-four months, and over the course of their careers, the principals of Riata have sponsored over 151 acquisitions representing over $4.5 billion in transaction value. With significant investment experience, a balanced team with financial and operating expertise, a strong team of seasoned operating partners, and significant experience in the firm's core sectors, Riata provides a compelling value proposition to business owners and entrepreneurs. For more information,please visit www.riatacapital.com.