List of Private Equity Firms Investing in Ophthalmology Practices and Surgery Centers

By Eric YetterPublished On: February 17, 2020

As of the end of 2019, there were 25 private equity firms actively investing in ophthalmology practices and surgery centers. It is among the most active physician practice consolidations currently taking place in the United States.

Investor Entry Over Time

There was a significant increase in the number of private equity investors during the 2017-18 period when 17 new firms entered the space. Note that one existing firm exited through a sale to a new entry in 2018. Four new firms entered in 2019.

Number of PE Firms Investing in Ophthalmology

Names of Investing Companies

American Vision Partners
Atlantic Vision Partners
Blue Sky Vision
California Retina Associates
Century Vision Global
CVP (CEI Vision Partners)
Comprehensive EyeCare Partners
Covenant Physician Partners
EVP EyeCare
EyeCare Partners
Eye Health America
Eyecare Services Partners
EyeSouth Partners
Midwest Vision Partners
NVision Eye Centers
OOMC
Ophthalmic Specialists of Michigan
Prism Vision Group
ReFocus
SEES Group
SightMD
Spectrum Vision Partners
Unifeye Vision Partners
US Eye
Vision Innovation Partners
Vision Integrated Partners

Private Equity Firms and Their Practice Management Company Subsidiaries

Private equity firms usually create a subsidiary Practice Management Company within their portfolios to acquire and manage ophthalmology practices and ambulatory surgery centers. Most transactions include some equity ownership in that parent management company.

The combination of the private equity firm names and the new practice management company names can be confusing and is simplified below.

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Eric Yetter

FOCUS Managing Director and Healthcare Team Leader

Direct: 615-477-4741

Eric Yetter is an investment banker focused on healthcare. His practice includes healthcare provider services, home health and hospice, and behavioral health. Mr. Yetter has completed a variety of healthcare transactions, many with private equity firms and PE-backed companies. His past clients include leading physician groups, healthcare facilities, and institutional healthcare investors. Mr. Yetter founded Physicians First in 2016, recognizing the emerging need for investment banking and advisory services for owners of physician practices, surgery centers and clinical businesses. The next four years saw record levels of physician-owner M&A activity and Physicians First became one of the nation’s most active advisors for transactions between private equity firms and medical practices. In 2021, Mr. Yetter agreed to merge Physicians First with FOCUS and lead the firm’s healthcare team. Mr. Yetter also has healthcare operating and investing experience. He was an early executive at Covenant Physician Partners (previously Covenant Surgical Partners), an acquirer and operator of ambulatory surgery centers and physician practices. The company built and operated an outsourced laboratory, an anesthesia business, and a revenue cycle management company. Covenant has grown into a major player in healthcare services and is currently backed by private equity firm KKR. Prior to Covenant, Mr. Yetter held operating roles at Volkswagen Group of America and Brainlab, Inc., an image guided surgery company. While at Brainlab, Mr. Yetter worked with leading neurosurgeons and hospitals to implement cutting edge technology and improve patient outcomes. Mr. Yetter is a licensed attorney (currently inactive) and earned JD and BS degrees from Vanderbilt University, graduating with high honors. He is a FINRA licensed investment banker.