Private-Equity Backed Eyeconic Vision Partners Acquires Phoenix Eyecare Group


NEW YORK—Cortec Group, a private equity firm with holdings in middle-market specialty health care businesses, announced last week that its portfolio company Eye Academy Holdings Inc. on July 6 acquired Swagel-Wootton Hiatt Eye Center (SWH) of Phoenix. The terms of the transaction were not disclosed.

Eye Academy Holdings, also known as Eyeconic Vision Partners (EVP), is part of the Cortec Group Fund VI. Eyeconic Vision Partners, based in Denver, operates 13 clinics and six ambulatory surgery centers, and its network includes locations in Colorado, Texas and Arizona.

SWH operates two clinics and one ambulatory surgery center that focus exclusively on the treatment of ophthalmic conditions, according to the announcement. “SWH has built a reputation as one of the leading ophthalmology service providers in the greater Phoenix market through its expert team of physician specialists, surgical and treatment technology, culture of high quality patient care, and comprehensive eyecare treatments, with a focus on refractive cataract surgery and other advanced surgical care,” the announcement noted.

“SWH has a 55-year reputation for excellent service to the community, quality treatment outcomes and inspired doctors that care deeply for their patients and family members—we could not be more honored to grow with this amazing team,” EVP chief executive officer Ryan Heckman said in the announcement.

Dr. Drew Hiatt, chief executive officer of SWH, said he believes that by becoming affiliated with Eyeconic Vision Partners “will allow us to focus more intensely on providing excellent patient care while offering growth opportunities to our entire team. I am looking forward to working with Ryan and the team at EVP who share our values for quality, integrity and devoted service to our community.”

“We share the EVP management team’s excitement for such a highly strategic acquisition,” Jeffrey Lipsitz, a Cortec managing partner, noted.

The SWH acquisition represents EVP’s first acquisition since completing a recapitalization with Cortec Fund VI last December.