WEST PALM BEACH, Fla.—Blue Sea Capital LLC, a private equity firm based here that has been active in the dental care market, has made a move into eye and vision care via the launch of Spectrum Vision Partners and a related partnership with Ophthalmic Consultants of Long Island (OCLI).
Blue Sea has agreed to make an investment in Spectrum Vision Partners, a management services organization formed to administratively support OCLI’s continued growth in the Long Island market and its completion of future affiliations with other leading eyecare providers, according to an announcement late last month.
Westbury, N.Y.-based OCLI is a nationally known multi-specialty eyecare group. Its new partnership is designed to “position OCLI for continued expansion,” according to the announcement.
Founded in 1997, OCLI is one of the leading ophthalmology practices in the U.S., comprised of over 400 employees, a senior management team with over 170 years of industry experience and 33 highly skilled eye surgeons in each major sub-specialty of eyecare. OCLI’s professional team also includes four optometrists, according to the announcement.
OCLI operates a network of 15 state-of-the-art locations across Nassau and Suffolk counties, including a brand new ophthalmic surgery center, Island Eye Surgicenter, with six operating rooms and the ability to perform over 20,000 cases per year.
All of OCLI’s physician partners will maintain their current roles and will hold significant ownership in Spectrum Vision Partners, according to the announcement. OCLI will continue to operate as “Ophthalmic Consultants of Long Island” in its existing markets.
“After several years of diligently researching the eyecare market … we are thrilled to partner with the physicians of the OCLI organization in forming Spectrum Vision,” said Kaustuv Sen, a Blue Sea partner. “As a result of its clinical thought leadership, strong management team and leading market position in the largest city in the U.S., OCLI’s affiliation with Spectrum Vision creates an industry-leading platform.”
Financial terms of the deal, which is subject to customary closing conditions, were not disclosed.