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December 2019. Physician Growth Partners is pleased to have represented Cleveland Eye Clinic (CEC) and its affiliated businesses in establishing a partnership with Midwest Vision Partners (MVP). CEC is led clinically by Dr. William Wiley, Dr. Shamik Bafna and Dr. Thomas Chester along with Jeff Kissinger, who is the Managing Partner of CEC’s surgery center and LASIK centers. CEC has a network of over 20 providers and employs approximately 130 support staff across 8 clinical locations, 3 LASIK centers, and 2 ambulatory surgery centers. Founded in 1943, CEC has emerged as a regional eye care leader for nearly 80 years, delivering clinical excellence and patient accessibility across Northern Ohio. Over the last decade, CEC has experienced rapid growth supplemented by cutting edge technology, developing a full scope service offering including primary and surgical eye care, LASIK, clinical research, and optical.
Physician Growth Partners (PGP) served as the exclusive transaction advisor for Cleveland Eye Clinic and its affiliated businesses, representing the founding group in its evaluation of a partnership with private equity, focused on developing the leading ophthalmic network across the Midwest.
“My partners and I agree that without the laser-focused attention and execution of Michael Kroin and his team at PGP we never could have achieved the smooth transaction process we enjoyed. Anyone considering a private equity journey needs a conductor like Michael to tie it all together. The PGP team worked tirelessly to ensure timelines were met and our transaction stayed the course. Our business was complex – with 8 different LLC’s and 6 separate stakeholders – yet PGP helped us to secure the financial outcome we so desired in a timely, professional, and systematic workflow,” noted Jeff Kissinger, Shareholder.
Dr. William Wiley, Shareholder, added, “We trusted PGP’s approach given their healthcare market experience. The ability to constantly work directly with the firm’s partner was critical in getting through a complex process. PGP was a voice of reason in critical moments of negotiation that proved invaluable for all CEC shareholders.”
Shamik Bafna MD, Shareholder, concluded, “Michael and his team performed a phenomenal job in forming this partnership. We are thrilled with the overall process and could not have expected a better overall outcome. After going through this process, I now appreciate that we would not have been able to achieve this fantastic outcome without the help of the team at PGP.”
“We are extremely proud of Cleveland Eye Clinic’s transaction process. The shareholders had ambitious goals from both a business and clinical perspective to continue their development into a leading ophthalmic network across the Midwest. It was imperative to run a transaction process that evaluated all private equity options in order to achieve their financial, strategic and partnership goals. With the addition of Cleveland Eye Clinic to the Midwest Vision Partner’s platform, we truly feel the group is well aligned to continue expanding its delivery of exceptional clinical care to a broader patient population,” added Michael Kroin, Managing Partner at Physician Growth Partners.
Midwest Vision Partners is a people-focused eye care management services organization backed by Alpine Investors committed to partnering with leading ophthalmologists and optometrists to build a preeminent platform in the Midwest region.
Physician Growth Partners is a boutique healthcare service platform dedicated to advising physician practices in transactions with private equity. They create value by providing operational support, strategic positioning, and transaction advisory, ultimately realizing an optimal outcome for their clients.