HOUSTON— Vision Source L.P. has closed a transaction with Brazos Private Equity Partners, LLC, a leading Dallas-based private investment firm, which has made a significant investment in Vision Source. Financial terms of the transaction, which provides capital to support the company’s continued growth and liquidity for shareholders, were not disclosed.

The move enables further growth for Vision Source, executives told VMail, noting that "existing management will continue to run the company and will retain a significant equity stake in the business."

The news was announced this morning by Vision Source founder and CEO, Glenn Ellisor, OD, before approximately 2,500 attendees in the audience at the group’s annual meeting here. The meeting, which is themed, “It Starts With Vision,” marks the 20th anniversary of Vision Source.

Vision Source is the leading practice development and supply chain solutions provider for independent optometrists and dentists with a network of over 2,300 practices across all 50 U.S. states and Canada. Based in Kingwood, Texas and established in 1991, Vision Source provides its independent optometrist and dentist members purchasing power, professional and staff development, and practice management assistance while allowing them to maintain their independence. Vision Source practices cumulatively represent more than $1.7 billion of retail sales, the company said. While optometry is the company’s core business line, it has recently expanded into the dental market with the formation of its Smile Source subsidiary.

Ellisor told the Vision Source meeting attendees, "The Vision Source management team has never been more excited about and committed to our future. As many people know, our investment partner of 10 years, TLC Vision, went through some rough financial times over the past few years and last year actually filed for bankruptcy. Although we were never part of those proceedings, we worked relentlessly to assure that our network and members were not negatively impacted. We are very pleased to announce that this week, we closed a transaction with Brazos Partners, a Texas-based private investment firm, to purchase all of the interests owned by TLC."

“The partnership with Brazos is exactly what we need to allow Vision Source to reach its full potential,” said Ellisor. "I am excited about what lies ahead for Vision Source and am thrilled to be partnering with Brazos. Over the past 20 years, Vision Source has become a market leader serving the independent optometry and dental industries, and we look forward to leveraging Brazos’s network of relationships and expertise with growth businesses as we look to further grow our business and increase the value of Vision Source to our members.”

Ellisor told the meeting attendees, “There were three factors that made them the hands-down choice among the 42 investors that we interviewed in the process: their eagerness to continue to invest in our network, extensive experience and business relationships in health care, and their whole hearted endorsement of our mission to bring extraordinary value to our members and support private practice optometry.”

“Brazos has a long track record investing in market-leading health care services companies with unique business models and strong growth potential, and Vision Source fits very well within this strategy,” said Jeff Fronterhouse, co-chief executive officer and co-founding partner of Brazos. “We look forward to working closely with Glenn Ellisor, OD, and his first class management team to help Vision Source continue to execute its growth plan.”

Brazos Private Equity Partners manages approximately $1.4 billion of equity capital. Brazos focuses on investments in middle-market companies with enterprise values up to $500 million. Brazos seeks to partner with outstanding management teams and/or families of closely-held businesses to maximize value. Brazos has been one of the most active middle-market private equity investment firms over the past decade, having completed 56 acquisitions. The company has invested in a broad range of industries including health care services, distribution, consumer, business services, restaurants, financial services and manufacturing.

Look for additional coverage from the Vision Source annual meeting in upcoming editions of VMail and on VisionMonday.com.