Riata Capital Group announced that its portfolio company Acuity Eyecare Group, an owner and operator of leading North American eyecare groups and optometry practices, has acquired two new regional eyecare groups, totaling 18 locations:
- ABBA Eye Care, based in Colorado Springs, Colorado, which operates 13 full-service optometry locations in Colorado Springs, Pueblo, Alamosa, Aurora, Fountain, Gunnison, La Junta, Lamar, and Pagosa Springs.
- EyeCare Specialties, based in Lincoln, Nebraska, which operates 5 full-service optometry locations in Lincoln, Beatrice, and Fremont.
Riata also announced that funds and accounts advised by J.P. Morgan Asset Management have made a substantial equity investment in Acuity to support the company’s continued growth and expansion. The investment from J.P. Morgan positions Riata to achieve its stated plan of building Acuity to 200-300 locations over a 3-to-5-year period through the acquisition of additional regional eyecare groups and independent optometry practices.
Acuity now owns nearly 90 locations across 8 states under 10 different local brands, as well as a large, full-service digital lab operation, The First Look Lab, located outside of St. Louis. The company expects to exceed 100 locations by early 2019 based on other eyecare groups under letter of intent and its pipeline of prospects.
“We are very excited and privileged to add ABBA Eye Care and EyeCare Specialties to our growing Acuity family. Both brands share our values and core purpose as a caring community of local eye care providers,” Eric Anderson, CEO of Acuity Eyecare Group, said in a company news release. “These practices are a great fit for Acuity given their focus on patient care and full-scope optometry. We are very pleased to have received such positive response in the marketplace, as eyecare groups and their providers are enthusiastic about partnering with Acuity.”
Jeff Fronterhouse, Managing Partner of Riata Capital Group, said: “We are excited to have J.P. Morgan Asset Management join us as an equity partner as we continue to build Acuity Eyecare Group into a market-leading eyecare platform. And the addition of ABBA Eye Care and EyeCare Specialties, two medically-oriented optometry groups, is a terrific way to finish out a strong 2018 for Acuity Eyecare Group. We look forward to continued growth and expansion in 2019.”
Riata has been very active since late 2016, having closed 11 acquisitions in the business services, consumer, and healthcare services sectors, with several additional transactions in its pipeline.