EyeCare Services Partners Enters ‘Strategic Partnership’ With Florida’s Delray Eye Associates

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DALLAS—Delray Eye Associates (DEA), a leading comprehensive eyecare provider in South Florida, has entered into a strategic partnership with EyeCare Services Partners Management LLC (ESP), according to a joint announcement on Tuesday. The move was effective May 24. Following the transaction, all DEA shareholders and several associate providers will become ESP shareholders. Other terms of the transaction were not disclosed. ESP, based here, is working toward creating a leading integrated eyecare services company by consolidating market-leading ophthalmic and optometric practices and their affiliated ambulatory surgery centers, according to the announcement. The firm has more than 200 providers and nearly 100 practice and surgery center locations in seven states and the District of Columbia under management.

Delray Eye Associates, located in Delray Beach, Fla., is a multi-subspecialty eyecare practice with nine fellowship-trained physicians, including board certified ophthalmologists in every subspecialty of ophthalmology and optometry. They are supported by approximately 50 staff members. DEA’s catchment area covers three counties in South Florida (Miami-Dade, Broward and Palm Beach) with more than 14,000 patients treated annually, according to the announcement.

DEA will continue to be led by co-managing partners Drs. Steven Rosenfeld and Daniel Jewelewicz, who have been with DEA for 34 years and 20 years, respectively. Dr. Rosenfeld is a fellow of the American College of Surgeons and the American Academy of Ophthalmology, and an associate examiner for the American Board of Ophthalmology. Dr. Rosenfeld is a fellowship-trained cornea and refractive surgery specialist who currently serves as a voluntary professor on the clinical faculty at Bascom Palmer Eye Institute, University of Miami School of Medicine.

Dr. Jewelewicz is a fellowship trained glaucoma specialist who holds faculty positions at the University of Miami Miller School of Medicine as well as the Schmidt College of Medicine at Florida Atlantic University and has taught ocular surgery at Bascom Palmer Eye Institute. He currently serves on the board of the Glaucoma Research Foundation.
“We are very pleased to join the growing ESP family of eyecare practices,” Rosenfeld said in the announcement. “ESP stands out as an industry leader for its high-quality practices, dedication to quality patient care and the strategic vision of its management team.”

ESP chief executive officer George Neal noted that the firm’s goal is to “work with the best practices and to support their continued growth and success. ESP also noted in the announcement that the addition of DEA complements its existing business in Florida, which includes five Florida Vision Institute locations and two Katzen Eye Care and Laser Center locations north of Delray Beach, as well as five Mid Florida Eye Center locations northwest of Orlando.

Harvest Partners LP, a New York-based private equity firm, and Varsity Healthcare Partners, a health care-focused private equity firm, completed a recapitalization of ESP in May 2017. Harvest acquired Varsity’s majority ownership interest in ESP in the transaction, as VMAIL reported.

Provident Healthcare Partners served as exclusive financial advisor to DEA in this month’s transaction with ESP.