Sentinel Capital Partners, a private equity firm that invests in promising companies at the lower end of the midmarket, today announced a new partnership with Midwest Eye Consultants ("Midwest Eye"), a management service provider to eye care practices in Indiana and northwest Ohio. Midwest Eye is owned and managed by its founding doctors. Terms of the deal were not disclosed.
Midwest Eye provides management services to one of the largest providers of integrated eye care services in Indiana and northwest Ohio. Midwest Eye's affiliated optometry and ophthalmology practices provide patients a full spectrum of eye care, including primary care, surgical services, LASIK, and prescription eyewear. As of the closing, these practices operated in 54 locations, primarily in rural and secondary markets, and employed more than 74 healthcare specialists. Since its inception, Midwest Eye has completed 43 acquisitions, has invested meaningfully in its infrastructure to support growth via acquisition, and is well positioned to continue its growth strategy.
"Midwest Eye's system is one of the fastest growing providers of eye care in Indiana and Ohio," said Paul Murphy, a partner at Sentinel. "Midwest Eye's highly experienced and tenured management team is deeply committed to providing world-class patient care and to supporting its partner providers. As an acquisition platform, Midwest Eye has a proven record and sophisticated infrastructure that enables it to attract new practices to its network and drive impressive growth."'
"We are very excited to partner with Sentinel in our next phase of growth," said Dr. Bruce Trump, Co-Founder and CEO of Midwest Eye. "Sentinel has deep experience assisting founder entrepreneurs in the healthcare services sector to pursue sustainable growth and offer meaningful value to healthcare providers. Our vertically integrated eye care delivery model is strategically differentiated and offers tangible value and high quality patient care."
Physician Growth Partners served as financial advisor to Midwest Eye Consultants. Sentinel has a well-established record of investing in the healthcare services sector, including investments in pain management, hospice, home healthcare, and dentistry. Sentinel's prior healthcare investments include Altima Dental Centres, one of the largest dental services organizations in Canada; Castle Dental and Metro Dentalcare, each a leading regional dental service provider; Hospice Advantage, a hospice care organization; Interim Healthcare, a provider of home healthcare and staffing; MB2 Dental, a dental service organization with a unique doctor-centric ownership model; National Spine & Pain Centers, a service provider to interventional pain management physicians; New You Bariatric Group, a provider of administrative support services to bariatric surgery offices; Northeast Dental Management, a leading dental service provider in the Northeast and Mid-Atlantic; and ReachOut Healthcare America, a leader in mobile dentistry.
About Sentinel Capital Partners Sentinel Capital Partners specializes in buying and building businesses at the lower end of the middle market in the United States and Canada in partnership with management. Sentinel targets aerospace and defense, business services, consumer, distribution, food and restaurants, franchising, healthcare, and industrial businesses. Sentinel invests in management buyouts, recapitalizations, corporate divestitures, and going-private transactions of established businesses with EBITDA of up to $65 million. Sentinel also invests in special situations, including balance sheet restructurings and operational turnarounds. For more information about Sentinel, visit www.sentinelpartners.com.
About Midwest Eye Consultants Founded in 1978 and headquartered in Wabash, Indiana, Midwest Eye Consultants provides management services to one of the largest providers of integrated eye care services in Indiana and northwest Ohio. Midwest Eye's affiliated optometry and ophthalmology practices provide the full spectrum of eye care to their patients, including primary care, surgical services, LASIK, and prescription eyewear. For more information, visit www.midwesteyeconsultants.com.