DALLAS— Riata Capital Group (“Riata”) announced that its portfolio company Acuity Eyecare Group (AEG), an owner and operator of leading North American eyecare groups and optometry practices, has acquired an additional eight eyecare practice locations in Houston and the surrounding area. The terms of the deals were not disclosed.The practices involved in the various transactions include Memorial Eye Center, a three-location optical group that has served the West Houston community for more than 28 years with full-service, personalized eyecare and eyewear.
Over that time, Memorial Eye Center has become one of Houston’s largest independent optometric practices. The practice is known for utilizing state-of-the-art instruments and equipment. In addition, Acuity said it has acquired five other independently owned Houston-area practices in the communities of Katy (Dr. Ali Mostaghimi), Spring (two locations under Dr. Kris Patel and Dr. Hiral Mehta), Sugar Land (Dr. Thomas P. Arnold) and Houston (Dr. Robert Flanders).These five practice locations will now operate as Memorial Eye Centers, according to AEG, and Memorial Eye will have eight locations under its name. The independent locations offer a range of treatments, including the co-management of LASIK laser surgery, pediatric vision care and cataract and glaucoma management. The practices also offer orthokeratology and specialty contact lenses. AEG, founded in March 2017, currently operates more than 100 locations under different regional brands across 10 states.
The eight acquired practice locations join AEG’s growing network of Texas eye care groups, including EyeTx and Hill Country Vision Center, separate deals that were announced at the end of July.
“We are very excited to have partnered with Acuity Eyecare Group,” Dr. Arnold, OD, FSLS, said in the announcement. “My colleagues and I have been very impressed with the professionalism of their entire team, their efficient approach to timely reviewing and closing this transaction, and their overall transparent approach and how they communicate.” Arnold, who has owned a Sugar Land practice for more than 27 years, added, “Most importantly, we share the same view of the profession, how best to support doctors, and how best to enhance the performance at a practice level.”
AEG chief executive officer Eric Anderson said the organization is honored that Arnold, Memorial Eye Center and several other prominent practices have chosen to partner with Acuity. “We are excited to have them join the growing AEG family,” he added. “And we are very enthusiastic about our progress in building significant presence in Texas.” Joe Terzo, AEG’s chief development officer, noted that AEG’s philosophy is to “maintain the DNA and culture of each practice we acquire while we enable them to leverage our resources to elevate their practice.” He added, “We’re committed to giving each of these practices the resources they need to further expand and grow.”
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 25 acquisitions in the past twenty-four months, and over the course of their careers, the principals of Riata have sponsored over 160 acquisitions representing over $4.6 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.