Pacific Eye Institute Completes Recapitalization Deal With Unifeye Vision Partners

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BOSTON and LOS ANGELES—Pacific Eye Institute (PEI) has completed a recapitalization with Unifeye Vision Partners (UVP), a portfolio company of Waud Capital Partners, according to an announcement earlier this week. PEI is a leading provider of vision care services within the Inland Empire of Southern California, where it operates across six clinical locations and one ambulatory surgery center, according to the announcement. Founded by Dr. Bob Fabricant more than 30 years ago, PEI has grown into a team of 17 ophthalmologists and six optometrists.

Waud Capital formed Unifeye Vision Partners a year ago when it announced a strategic partnership with Minnesota Eye Consultants, a premier provider of clinical eyecare services. VMAIL has reported on Unifeye’s expansion of its management team.

Provident Healthcare Partners, an investment banking firm specializing in merger and acquisitions, strategic planning and capital formation for health care companies, served as the exclusive financial advisor to Pacific Eye Institute in the recapitalization, according to the announcement. The terms of the transaction were not disclosed.

“PEI is led by three highly entrepreneurial physicians who are motivated to expand the practice's already sizeable footprint and leading ophthalmology services into adjacent markets in Southern California," Provident vice president Eric Major said in a statement. "UVP is the perfect partner for PEI, allowing the organization to retain its local governance while also sharing the same vision of becoming a preeminent vision care provider in the region."

Jesse A. Dovich, MD, a managing partner with PEI, said he believes Provident is comprised of “an excellent team of advisors and applies a methodical approach to finding the right partner for its clients.” He added, "Each ophthalmology practice is different, as is each private equity group. Provident took the time to fully understand what makes our practice unique and then paired us with a like-minded private equity firm while always keeping our best interests in mind.”