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August 2020. Physician Growth Partners (“PGP”) is pleased to announce the acquisition of Corrective Eye Center (“Corrective Eye”), a leading ophthalmology group based in the Northeast Ohio market, by EyeCare Partners. Corrective Eye is led by Dr. Samuel Salamon and Dr. Greg Louis, along with two associate physicians across three locations and a surgery center. This strategic acquisition creates an entry point for EyeCare Partners to begin providing ophthalmic care across the greater Cleveland market.
Physician Growth Partners served as the exclusive transaction advisor to Corrective Eye in its evaluation, negotiation, and execution of this transaction. PGP focuses exclusively on advising independent practices in transactions with private equity. PGP’s approach centers around understanding goals and succession plans, and tailoring a process that ensures these goals are met in an optimal manner.
To accomplish this, PGP’s main focus is on shareholder education related to strategic options. This allows clients to make an informed decision on the best route forward. From there, PGP works to truly gain a fundamental understanding of practice goals & objectives, its unique value proposition, and how to best marry the two in a way that allows PGP, as the transaction advisor, to run a process aimed at achieving the desired optimal outcome.
Dr. Samuel Salamon of Corrective Eye Center noted, “The PGP team, especially Michael Kroin and Thomas Mumford, succeeded in advising our practice through the transaction process, and we are most pleased with the outcome. We know this partnership would not have been consummated without their demonstrable expertise, experience, professionalism, and attention to detail at every step of the way.”
Kathleen Zampounis, Practice Administrator at Corrective Eye Center added, “My experience with PGP was smooth, and the PGP Team was motivated, thorough, and very detailed throughout the process. The dedication and long hours spent with Michael Kroin, Thomas Mumford, and Jay Farkas, was amazing. Never having gone through a process like this, we could have never managed without PGP’s broad knowledge and assistance. I look forward to the partnership with EyeCare Partners.”
“We are extremely satisfied with Corrective Eye’s transaction process. The goals of the practice were achieved, and that is always PGP’s number one priority. We knew Corrective Eye had a strong desire to join a platform that would alleviate the practice management burden while simultaneously empowering the practice to continue growing. The well-established EyeCare Partners platform clearly had the managerial resources to relieve the burden on day one. The fit was right on both sides, and with the addition of Corrective Eye to Eyecare Partners platform, we believe the group is well aligned for continued growth and expanded delivery of exceptional clinical care,” noted Michael Kroin, Managing Partner at Physician Growth Partners.
Physician Growth Partners is a boutique healthcare service platform dedicated to advising physician practices in transactions with private equity. PGP creates value by providing operational support, strategic positioning, and transaction advisory, ultimately realizing an optimal outcome for their clients.
Based in St. Louis, Missouri, EyeCare Partners currently offers comprehensive medical eye care services throughout Alabama, Arizona, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Michigan, Minnesota, Missouri, New Jersey, North Carolina, Ohio, and Pennsylvania. The doctors of ECP serve the vision care needs of hundreds of thousands of patients annually.