Candescent Partners Acquires Rhode Island’s Koch Eye Associates

BOSTON— Candescent Partners, LLC has acquired Koch Eye Associates, a comprehensive vision care service provider with seven locations throughout Rhode Island providing services ranging from basic optometry to lasik and cataract surgery in a company-owned surgery center. Founded by the Koch family in 1981, the Koch Eye Associates team consists of Peter Koch as CEO; Paul Koch, MD, as lead ophthalmologist; and optometrist Patricia Koch, OD, who will continue with the company in the same roles.

“We like the fact that this is a multi-site, multi-service provider of the whole spectrum of vision care services, from eye exam through cataract surgery,” Stephen Jenks, managing partner of Candescent told VMail. “It not only has the consumer end of vision care but the medical health care angle as well.” He added that Candescent’s plans to grow Koch Eye Associates include both purchasing other practices and adding new locations. “Our investment time frame is typically anywhere from four to seven years, so we will spend the next seven years pursuing growth both organically and through acquisition. We’re negotiating for an additional location in the state of Rhode Island, and we are actively looking at additional acquisitions that are regionally contiguous to bring under the same management umbrella.”

While Candescent Partners has done a fair amount of investing in health care services, this is its first venture in the optical field. Candescent led the transaction with co-investors Bush O’Donnell Capital Partners, Pine Street Capital Partners, First New England Capital and BCA Mezzanine Fund, LP participating.