IDOC Poised for Growth With New Equity Partner, The Riverside Company
Independent Doctors of Optometric Care (IDOC) has closed a transaction with
The Riverside Company, a global middle market private equity firm based in Cleveland with extensive expertise in health care. Riverside has made a majority investment in IDOC which will provide capital to support the company’s continued growth, IDOC said.
Mark S. Feder, OD.
The move will enable IDOC to expand its infrastructure to support further growth under the leadership of CEO, Mark S. Feder, OD, who retained a significant equity stake in the business. “The IDOC team has never been more excited about and committed to our future,” said Feder. “We are very pleased to announce that this week, we closed a transaction with The Riverside Company, an organization that shares our corporate vision to strengthen, protect and grow independent optometry.”
IDOC is a fast-growing doctor’s alliance for independent optometrists, with a network of over 1,400 members in 43 U.S. states. Headquartered here and established in 1999, IDOC provides its independent optometrist members purchasing power from over 65 leading vendors in the optometric industry, business education for ODs and staff through national and regional IDOC University conferences, and locally based peer-to-peer meetings. IDOC’s statement said that its practices collectively represent nearly $1 billion of retail sales.
Feder said that Riverside was an ideal partner for growing IDOC and enhancing its services. “It was critical for us to select a partner with a high-level of business expertise in order for us to achieve our long term goals: growing membership, expanding the services and strengthening the management tools and educational resources we offer our members,” Feder added.
“The partnership with IDOC is exactly the type of relationship that Riverside seeks,” said Riverside Principal Alan Peyrat. “While IDOC is already an outstanding company, we see incredible potential for deepening member relationships and growing the member base by providing an even better service experience. IDOC has a bright future.”
Riverside has extensive experience growing specialty networks like IDOC. The firm has worked with more than 50 health care companies over the past 24 years, including other clinical and business service networks.
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