Midwest Vision Partners LLC, an eye care practice management group, announced that it had acquired Discover Vision Centers, the largest eye care services provider in the Kansas City region.
Backed by New York-based investment firm The Firmament Group, and a portfolio company of Alpine Investors, Midwest Vision Partners is a managed service organization that provides nonmedical services to its network of ophthalmologists in Kansas, Missouri and Ohio. Headquartered in Chicago, Illinois, it was founded in 2019 and is currently run by CEO Jorge Lopez.
Founded in 1973, the locally owned business, Discover Vision Centers, is the Kansas City region’s leading eye care team. Discover Vision Centers’ 32 providers offer high-quality care across nine clinics with full-service optical shops, three laser vision correction centers and three eye surgery centers. It is based out of Independence, Missouri.
The deal adds Independence, Missouri-based Discover Vision’s nine full-service ophthalmology practice locations, three ambulatory surgical centers (ASCs) and two refractive centers to Midwest’s existing six ophthalmic practices and four ASCs in St. Louis and Columbus, Ohio. This acquisition strengthens the market position in the region for both companies. Together, Midwest and Discover hope to continue and enhance their superior quality of care for patients. The financial terms of the acquisition were not disclosed nor was an anticipated closing date publicized.
The Physician Medical Group sector has had a busy year for Ophthalmology mergers and acquisitions. Out of the 77 deals for ophthalmology practices recorded in the Irving Levin Associates’ database for 2021, four of them have Midwest as the buyer. None of the prices have been disclosed. In January, it acquired Parschauer Eye Center in Sandusky, Ohio; Canton, Ohio-based Eye Centers of Ohio in April; and in May, Balian Eye Center in Rochester, Michigan. Other big buyers of 2021 include Retina Consultants of America, Vision Innovation Partners, EyeSouth Partners, EyeCare Partners and VSP Global. Especially when compared to the lower deal activity of previous years (only 39 deals in 2020, and 54 in 2019), 2021’s busy activity indicates a growing sector. We foresee this trend will continue into 2022 as more and more PMG businesses regain confidence in the healthcare market.
