Everside Announces New Investment in EyeCare Roll-up Platform
February 12, 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.
Everside Capital Partners, LLC (“Everside”), an SEC Registered Investment Adviser, is a New York based asset management firm focused exclusively on the lower middle market (defined as businesses with $3-20 million in EBITDA). The firm is led by a team with extensive backgrounds in credit, direct investing and origination from top global institutions and manages over $400 million in assets.
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.
For more information, visit www.everside.com.
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