Riata Capital Group (“Riata”) today announced that its portfolio company Acuity Eyecare Group (“Acuity”), an owner and operator of leading North American eyecare groups and optometry practices, has acquired two new regional eyecare groups, totaling 18 locations:
- ABBA Eye Care, based in Colorado Springs, Colorado, which operates 13 full-service optometry locations in Colorado Springs, Pueblo, Alamosa, Aurora, Fountain, Gunnison, La Junta, Lamar, and Pagosa Springs.
- EyeCare Specialties, based in Lincoln, Nebraska, which operates 5 full-service optometry locations in Lincoln, Beatrice, and Fremont.
Riata also announced that funds and accounts advised by J.P. Morgan Asset Management (“J.P. Morgan”) have made a substantial equity investment in Acuity to support the company’s continued growth and expansion. The investment from J.P. Morgan positions Riata to achieve its stated plan of building Acuity to 200-300 locations over a three-to-five-year period through the acquisition of additional regional eyecare groups and independent optometry practices.
Acuity now owns nearly 90 locations across 8 states under 10 different local brands, as well as a large, full-service digital lab operation, The First Look Lab, located outside of St. Louis, Missouri. The Company expects to exceed 100 locations by early 2019 based on other eyecare groups under letter of intent and its pipeline of prospects.
Eric Anderson, CEO of Acuity Eyecare Group, said: “We are very excited and privileged to add ABBA Eye Care and EyeCare Specialties to our growing Acuity family. Both brands share our values and core purpose as a caring community of local eye care providers. These practices are a great fit for Acuity given their focus on patient care and full-scope optometry. We are very pleased to have received such positive response in the marketplace, as eyecare groups and their providers are enthusiastic about partnering with Acuity.”
Jeff Fronterhouse, Managing Partner of Riata Capital Group, said: “We are excited to have J.P. Morgan Asset Management join us as an equity partner as we continue to build Acuity Eyecare Group into a market-leading eyecare platform. And the addition of ABBA Eye Care and EyeCare Specialties, two medically-oriented optometry groups, is a terrific way to finish out a strong 2018 for Acuity Eyecare Group. We look forward to continued growth and expansion in 2019.”
Riata has been very active since late 2016, having closed 11 acquisitions in the business services, consumer, and healthcare services sectors, with several additional transactions in its pipeline.
About ABBA Eye Care
Founded in 1978 by Dr. Marcus J. Meyer, O.D., ABBA Eye Care has grown from one office in Colorado Springs to 13 locations in Colorado. ABBA Eye Care’s practices include 4 locations in Colorado Springs, 2 in Pueblo, and 1 in Alamosa, Aurora, Fountain, Gunnison, La Junta, Lamar, and Pagosa Springs. ABBA Eye Care is known for high-quality products, personalized service and advanced optical technology. Services include comprehensive eye exams, dry eye treatment using the LipiFlow® procedure, in-depth examinations of ocular structures and eye diseases, and Lasik consultations with pre-and post-operative laser vision care. ABBA Eye Care also offers a broad assortment of fashionable prescription and non-prescription eye glasses, sunglasses as well as High Definition lens options and contact lenses. For more information, please visit www.abbaeyecare.com.
About EyeCare Specialties
Founded over 20 years ago by optometrists Jim Devine, Brian Hinkley, and James Kirchner, EyeCare Specialties is a southeast Nebraska-based eyecare group with 5 full-service eyecare centers and 1 vision therapy clinic. EyeCare Specialties practices include 3 locations in Lincoln, 1 in Beatrice, and 1 in Fremont, along with a vision therapy clinic in Lincoln. EyeCare Specialties is known for providing state-of-the-art optometric care and the best lifestyle choices in eyewear. Services include comprehensive eye health exams using the most technologically advanced instruments, vision therapy to address a variety of vision disorders, and dry eye treatment using the LipiFlow® procedure. EyeCare Specialties also offers an extensive line of fashionable eyeglasses, sunglasses, and contact lenses. For more information, please visit www.eyecarespecialties.com.
About Riata Capital Group, LLC
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. Over the course of their careers, the principals of Riata have sponsored over 59 platform investments and 87 add-on acquisitions, representing over $4 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.
About J.P. Morgan Asset Management
J.P. Morgan Asset Management, with assets under management of $1.8 trillion (as of September 30, 2018), is a global leader in investment management. J.P. Morgan Asset Management’s clients include institutions, retail investors and high net worth individuals in every major market throughout the world. J.P. Morgan Asset Management offers global investment management in equities, fixed income, real estate, hedge funds, private equity and liquidity. J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co. (NYSE: JPM), and its affiliates worldwide.