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CHICAGO and LOS ANGELES—Chicago Eye Institute (CEI) and Arbor Centers for EyeCare, two of the leading ophthalmology practices serving the Chicago market, have entered into a strategic partnership with MoonSail Capital LLC and Plenary Partners to form Ocular Partners Inc., according to an announcement. The new entity formed by this transaction will be “the premier physician-led eyecare group in greater Chicago,” the announcement noted. The investment by Los Angeles-based MoonSail and Plenary of Chicago will support growth initiatives of best-in-class ophthalmic practices throughout the Midwest region. The financial terms of the transaction were not disclosed.

Dr. Osvaldo Lopez, co-founder of CEI, will serve as the new company’s chairman, while Arbor president Dr. Chris Albanis will lead the new company as founding chief executive officer. The new Ocular Partners platform will initially serve more than 20 providers, including some of the nation’s leading cataract, cornea, refractive, glaucoma and retina surgeons with more than 125,000 service encounters annually through nine clinical locations throughout Chicago.

Ocular Partners is committed to providing outstanding clinical and surgical care to patients through a personalized and compassionate approach to medicine and provides administrative services to practices in its network, according to the announcement.

“CEI was established more than four decades ago with the single objective of delivering exceptional eyecare to our patients,” Dr. Lopez said. “My partners and I are excited to come together with MoonSail, Plenary and our distinguished colleagues at Arbor to lead the nation’s premier ophthalmic services platform.”

Dr. Albanis added, “With a history of clinical and surgical excellence dating back to the 1940s, our common passion for preserving and restoring the gift of sight will continue to serve as the foundation. Ocular Partners seeks to affiliate with, recruit and retain the best and brightest clinicians and surgeons. Our new financial partners understand and support our shared vision of clinical and surgical excellence, innovation, leadership, close ties to the academic community, strong work ethic and physician-directed culture.”

Joseph Acevedo, co-founder and managing director of MoonSail Capital, noted that the investment firm is dedicated to unlocking value in lower middle market companies, with a special focus on the fragmented health care services sector. “Powerful macro trends support the prospective demand for vision care, and we are honored by the opportunity to work with such a distinguished group of physician leaders and operationally focused investors to build a great company,” Acevedo said.

“Dr. Albanis is an incredibly dedicated and talented physician, [and] she brings years of experience as a manager and she serves as a leader in the ophthalmic community. Dr. Lopez has the respect of the broader eyecare community, has long been a well-known innovator in his field and has been recognized at multiple levels with honors and awards,” Acevedo said.

Muzinich & Co. provided financing and made a co-investment in the transaction. McGuireWoods provided legal advice to MoonSail and Plenary.