Ontario Teachers’ Pension Plan Acquires a Majority Interest in Nvision Eye Centers

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TORONTO and ALISO VIEJO, Calif.—Ontario Teachers' Pension Plan has acquired a majority stake in Nvision Eye Centers, a leading provider of comprehensive eyecare services in the western U.S., according to an announcement this week. As part of the transaction, Nvision founder, Dr. Tom Tooma, will retain a significant minority position in Nvision and he will serve as the chief medical officer and a member of the board of directors upon the closing of the deal. No other terms of the transaction were disclosed.

Founded in 2010 by Dr. Tooma, Nvision provides eyecare services across 43 locations, including eight ambulatory surgery centers, in California, Nevada, Oregon, Washington and Arizona. The organization is viewed as an innovative leader in ophthalmology, and the team of surgeons have performed more than 2 million cataract and refractive surgeries, the announcement noted.

“We are thrilled to have the opportunity to partner with such an experienced team at Ontario Teachers,” Dr. Tooma said in the announcement. “Nvision's focus has always been on providing excellent clinical and surgical outcomes by a team of surgeons and staff who really care. The experience and the financial resources of the team at Ontario Teachers’, combined with the expertise of our management team led by our chief executive Chris Karkenny, will enable us to accelerate our growth by deepening and expanding our geographic presence while continuing to focus on offering exceptional eyecare services," said Dr. Tooma.

Ontario Teachers’ Karen Frank, a senior managing director, equities, said the investment in Nvision is supported by demographic and health factors that are increasing demand for high-quality eyecare.

She added, “The company is well-positioned in this market given their outstanding clinical reputation built on exceptional outcomes for their patients. We look forward to working with Dr. Tooma and the management team as they embark on the next phase of growth for the business."

Ontario Teachers’ health care team has previously invested in Heartland Dental, PetVet Care Centers and PhyNet Dermatology.

Sullivan & Cromwell LLP and Bass, Berry & Sims PLC served as legal advisors to Nvision, and Harris Williams & Co. served as financial advisor to Nvision. Weil, Gotshal & Manges LLP served as legal advisor to Ontario Teachers.