Everside Announces New Investment in EyeCare Roll-up Platform
February 2021
New York City, NY – Everside Capital Partners (“Everside”) is pleased to announce a new investment in The Eye Health Group (“TEHG” or the “Company”). Everside together with Merion Investment Partners (“Merion”), a PA based investment firm, provided senior subordinated debt and equity to support Beverly Capital’s (the “Private Investment Firm” and collectively with Everside and Merion, the “Investor Group”) acquisition of the Company. The Investor Group partnered with the seller, who will remain with the Company and retain a significant stake in the business.
Headquartered in New Jersey, the Company is an optometric service provider that offers comprehensive eyecare services while also prescribing and dispensing contacts and glasses. Unlike its pure-play optometric competitors, the Company offers a full suite of medical eyecare services, focusing on primary vision care rather than dispensing. Through the Company’s 11 doctors, TEHG provides services varying from diagnosis and management of eye diseases to pathology, lab-testing and pre and post-operative care for surgical patients. Additionally, the doctors dispense prescription glasses and contacts and provide their patients prescriptions for corrective vision care medication.
Following the investment, Everside will work closely with Merion, Beverly Capital and the management team on strategic initiatives to support ongoing organic and acquisitive growth and realize the roll-up of medical optometric practices. Key areas of focus for these initiatives will include the following: pursuing select M&A opportunities that will provide scale to the platform, increasing the recruitment and training of highly qualified optometrists and strengthening of administrative processes and operating efficiencies.
Nate Kirk, Founder and Managing Partner of Everside, summarized it nicely, “The Investor Group is enthusiastic about working with the Company. We believe that TEHG has some excellent characteristics that have enabled it to perform well through the global pandemic and has already identified multiple acquisition opportunities to grow and expand its presence on the East Coast.”
TEHG represents the 14th Direct investment that Everside closed since its inception.
About Beverly Capital:
Beverly Capital is a Los Angeles based private investment firm with offices in New York. Beverly is a control investor, focused on driving operational enhancement, growth, and providing strategic partnerships to lower middle market businesses.
About Merion Investment Partners:
Merion Investment Partners is a family of mezzanine capital funds that invests subordinated debt with equity features in companies that have strong growth potential, proven management teams, a strategic competitive advantage and/or is operating in sectors of the economy that are poised to exhibit growth such as healthcare.
Everside is an SEC-registered investment advisor, as well as a SBIC (Small Business Investment Company) license holder based in New York, NY. With over $1.9 billion in assets under management across its funds, Everside partners with leading SBIC managers in the lower middle market through its primary and secondary investing strategies, and also makes direct credit and equity investments in small businesses through its direct investing strategies. As a flexible capital provider, Everside offers debt and structured equity solutions for recapitalizations, acquisitions, liquidity events, and management buyouts.
For more information, please visit us at everside.com.
*This communication is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or of any fund or account Everside Capital Partners, LLC (the “Adviser”) manages or offers. Although the information provided herein has been obtained from sources which the Adviser believes to be reliable, we do not guarantee its accuracy, and such information may be incomplete or condensed. The information is subject to change without notice and the Adviser has no obligation to update you.
This document should not be the basis of an investment decision. An investment decision should be based on your customary and thorough due diligence procedures, which should include, but not be limited to, a thorough review of all relevant term sheets and other offering documents as well as consultation with legal, tax and regulatory experts. Statements made in this release include forward-looking statements which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” or believe,” or other variations thereon. Certain information contained herein constitutes opinions, intentions, or beliefs of the Adviser, which may be preceded by the terms “belief,” “opinion,” or other similar terms. Such statements of “opinion” merely represent the Adviser’s state of mind and should not be construed as a material statement of fact. Any use of adjectives or superlatives included herein are a good faith opinion of the Adviser including but not limited to language such as “exhaustive,” “superior,” or “leading,” and should not be construed as material statements of fact. Further, other third parties may not agree with the opinions of the Adviser.