Sterling Partners, a Chicago-based private equity firm, added the first ophthalmology practice to its healthcare services portfolio with the acquisition of Grand Rapids Ophthalmology. GRO is the first eye care provider to join Great Lakes Management Services Organization, a practice management services organization formed by Sterling to support GRO’s local expansion and larger-scale growth.
GRO offers a full suite of eye care services including optometry, retail optical, oculoplastics, cataract surgery and retinal sub-specialties. It employs 11 ophthalmologists and 18 optometrists in 11 locations.
Sterling Partners has been busy building up platforms in other areas of healthcare services, including specialty pharmacy services and dermatology.
Most recently, on February 6, 2017, Sterling’s portfolio company, Maryland-based Remedi SeniorCare, a provider of institutional pharmacy services to long-term and post-acute care facilities, picked up Frontier Pharmacy, a specialty pharmacy based in Colorado. Frontier services 2,200 residents throughout Colorado.
Another Sterling portfolio company, Platinum Dermatology Partners, recently picked up two Dallas-based dermatology groups as add-on acquisitions. On October 12, 2016 it acquired Dallas Associated Dermatologists and its five office locations in Dallas and Irving, Texas. Oon January 5, 2017, Platinum acquired Southlake Dermatology, which provides dermatologic services in the Dallas/Fort Worth area.
Sterling’s other healthcare companies include a freestanding ER, a pediatric dental group, a digital health company, an outpatient physical therapy company and an operating room solutions company. Throughout the remainder of 2017, we expect to see Sterling Partners actively build up its healthcare platforms, with a focus on dermatology and ophthalmology practices.