Company Overview

An ophthalmology subspecialty practice that provides comprehensive retinal and vitreous care to patients across southern Nevada and Utah.

A leading vision care practice management company providing support services to 44 ophthalmologists, 23 clinics and two ambulatory surgery centers in the Las Vegas, Nevada market.

Situational Overview

Founded in 1980, RCN is the largest subspecialty retinal practice in Nevada, consisting of eight board certified and nationally recognized retinal specialists. For over 20 years, RCN had been working with two Comprehensive EyeCare Partners (“CompEye”) practices in an independent physician association.

CompEye, a portfolio company of Gauge Capital, expressed interest in acquiring RCN in order to add the retinal sub-specialty to its existing platform comprised of three general ophthalmology practices in Las Vegas.

RCN shareholders engaged BCA to develop and support pro forma EBITDA results, negotiate an LOI with CompEye and manage the entire diligence process.

BCA Strategy

Used extensive financial analysis to justify pro forma EBITDA that included adjustments for ASC-related facility fees, normalized physician compensation and time-off, newly opened clinics and reductions in certain operating expenses.

Transaction Result

Completed a majority recapitalization with CompEye, achieving significant shareholder liquidity while retaining significant minority ownership and adding a high quality partner with which to expand their clinical footprint and thrive in a value-based reimbursement environment.

As part of the transaction, BCA worked exclusively with CompEye & RCN to develop a path to partnership for newly hired doctors and other retention tools.

Recapitalized by

“BCA played a critical role in positioning and defending forward-looking financial results and was instrumental in achieving an outcome that maximized shareholder value. BCA guided us through an extensive diligence process and helped us find an optimal partner with a shared vision for providing clinical excellence.”
Dr. Meher Yepremyan,
Managing Partner
Retina Consultants of Nevada