Ontario Teachers Acquire US Eye Clinics
Ontario Teachers’ Pension Plan Board (Ontario Teachers’), today announced the acquisition of a majority stake in NVISION Eye Centers (NVISION), a network provider of comprehensive eye care services in the Western USA.
NVISION founder, Dr. Tom Tooma, will retain a significant minority position in NVISION, serve as the Chief Medical Officer and a Member of the Board of Directors. Terms of the transaction are not being disclosed.
Founded in 2010 by Dr. Tooma, NVISION has 43 locations, including eight ambulatory surgery centres, across 5 US states including California, Nevada, Oregon, Washington and Arizona.
The NVISION team of surgeons have performed more than two million cataract and refractive surgeries.
“We are thrilled to have the opportunity to partner with such an experienced team at Ontario Teachers’. NVISION’s focus has always been on providing excellent clinical and surgical outcomes by a team of surgeons and staff who really care. The experience and the financial resources of the team at Ontario Teachers’, combined with the expertise of our management team led by our CEO Chris Karkenny, will enable us to accelerate our growth by deepening and expanding our geographic presence while continuing to focus on offering exceptional eye care services,” said Dr. Tooma.
“Our investment in NVISION is supported by demographic and health factors that are increasing demand for high-quality eye care. The company is well-positioned in this market given their outstanding clinical reputation built on exceptional outcomes for their patients,” said Karen Frank, Senior Managing Director, Equities at Ontario Teachers’. “We look forward to working with Dr. Tooma and the management team as they embark on the next phase of growth for the business.”
Previous investments by Ontario Teachers include dental, veterinary and dermatology clinics. According to the 2019 Annual report, there are no optometry or other vision care companies on their list of private investments over $200 million.