Acuity Eyecare Group Expands into Texas with Acquisition of 11 Clinics Following Seven Deals in Two Months

On August 1, 2019, VCBeat (WeChat ID: vcbeat) learned that Acuity Eyecare Group, a portfolio company of Riata Capital Group, had acquired 11 regional eye care clinics in Texas. No financial terms of the acquisition were disclosed. These acquisitions mark AEG’s entry into the Texas market and include EyeTx Vision Center and Hill Country Vision Center.

EyeTx Vision Center, established in 1985, operates six offices in San Antonio, Texas. EyeTx optometrists specialize in routine eye care, contact lens fittings, rigid gas permeable (RGP) lens fittings, bifocal contact lens fittings, keratoconus management, and orthokeratology (Ortho-K) fittings. Cleinman Performance Partners serves as the exclusive advisor to EyeTx Vision Center.

Hill Country Vision Center, established in 1975 and located in Kerrville, Texas, is a renowned optometry service center. The center’s services include comprehensive eye examinations, LASIK consultations, emergency care, and the treatment and management of eye diseases. Kavanagh Consulting serves as the exclusive advisor to Hill Country Vision Center.

Acuity Eyecare Group (AEG) was established in March 2017 with investment from Riata Capital Group and currently operates over 100 branches under various regional brands across 10 states.

AEG is a rapidly growing, wholly-owned community of ophthalmic practices specializing in general ophthalmology, pediatric ophthalmology, cataracts, and glaucoma. It is dedicated to helping ophthalmologists and optometrists reach their full potential while delivering optimal patient care solutions to all those in need.

AEG also possesses cross-platform, shared expertise and an embedded culture that delivers value-added support to each location. The company leverages consumer demographic and market analysis tools to help drive sales, while providing ongoing employee training to enhance customer experience and improve capture rates.

“Welcome these special groups into our family and introduce AEG to Texas,” said Eric Anderson, CEO of Acuity Eyecare Group. “EyeTx and Hill Country have brought better eye care solutions to Texans. We are honored to join them and look forward to serving future generations.”

Jeff Fronterhouse, Executive Partner at Riata Capital Group, stated, “We are pleased to leverage Acuity’s recent momentum, having completed seven acquisitions in the past two months. Texas is a promising market, and we will build Acuity Eyecare Group into a market-leading eye care platform.”

Riata Capital Group is a leading private equity investment firm that partners with experienced management teams to invest in growing, profitable private companies across North America. The firm focuses on three investment sectors: business services, consumer services, and healthcare services.

To date, Riata Capital Group has sponsored more than 58 platforms and 87 add-on acquisitions, with a total transaction value exceeding $4.5 billion.

                                                                                                                                                                                                                            (Compiled by Wang Xiaona)