PE Group Firmament Announces Partnership With Ophthalmology Practices

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NEW YORK—The Firmament Group, formerly known as McLarty Capital Partners, said Wednesday that it has formed a strategic partnership with a group of multi-specialty ophthalmology practices operating in California and Florida. Firmament said the group of medical practices, which are comprised of more than 30 multi-specialty ophthalmologists and optometrists, will be called The Founding Practices. No other details on the practices involved in the partnership were available at VMAIL’s press time. In conjunction with the formation of this strategic partnership, Firmament and the Founding Practices have formed Vision Integrated Partners (VIP), an integrated management services organization that will serve the ophthalmology sector.

“The Founding Practices have long-established roots in their local communities and a strong reputation for clinical expertise, research capabilities, preferential access to leading edge technology, and high-quality patient care,” the announcement noted. In addition, the practices' physician group specializes in comprehensive eyecare services, including treatment for cataracts, corneal disease, retinal disease and glaucoma, as well as refractive surgery, oculoplastic surgery, neuro ophthalmology, and optometry.

Jeff Walker will lead VIP as chief executive officer, and Randall Shaw will assume the role of chief financial officer, according to the announcement. They will be accompanied on VIP's board of directors by four managing physicians from the Founding Practices and two members from The Firmament Group.

“Vision Integrated Partners is a physician-owned and physician-led organization, and we plan to continue to partner with like-minded physicians who are focused on providing exceptional medical care in their respective markets,” Walker said. “We are dedicated to empowering physicians in growing their practices by providing access to capital, professional management, and analytical support to maximize operational performance."

According to Walker, Firmament brings to the partnership significant resources, decades of experience and the expertise required to grow multi-site medical practices. “This will enable Vision Integrated Partners to grow at a healthy pace and in a strategic fashion," he added.

Firmament principal Parris Boyd said the investment firm is “excited to partner with this group of physicians with a national reputation for high-quality patient care, and we look forward to supporting the accelerated growth of Vision Integrated Partners by adding ophthalmology leaders throughout the country."

The terms of the transaction was not disclosed. However, Firmament and Cadence Bank provided the financing for the deal, according to the announcement. Firmament provides tailored debt and equity capital solutions to small- and medium-sized enterprises, the announcement stated.