CompEye

CompEye

Company Overview

A leading vision care practice management company providing support services to over 30 ophthalmologists, 16 clinics and three ambulatory surgery centers in the Las Vegas, Nevada market.

A private equity firm focused on investing in growth-oriented middle market companies. Gauge has a $500 million fund and is based in Southlake, TX.

Situational Overview

In 2016, three ophthalmology practices that had been working together for over 20 years in an independent physician association (“IPA”), hired Bill Moore as their CEO to create the first vertically integrated MSO vision platform in the Southwest.

Nevada has a very difficult payer environment and unique laws that prohibit ophthalmologists and optometrists from employing one another within the same practice; however, MSOs are exempt from this restriction.

Due to its scale, market penetration and long history managing capitated payer contracts, CompEye generated significant interest from private equity firms who had successfully consolidated dental and dermatology practices.

BCA Strategy

During a highly competitive process, BCA successfully articulated the practices’ consolidated scale, low integration risk, full continuum of care and market-leading position in Las Vegas to generate intense investor interest among healthcare services-focused financial buyers with significant buy-and-build experience.

Used extensive financial analysis to justify pro forma EBITDA that included adjustments for ASC-related facility fees, normalized physician compensation and corporate synergies.

Transaction Result

Completed a majority recapitalization with Gauge Capital Partners, achieving significant shareholder liquidity while retaining significant minority ownership, and adding a high quality partner with which to grow.

recapitalized by

“BCA played a critical role in helping position the strong and continuously improving financial and operating results of the three practices, the attractive financial outlook associated with several recently signed large payer contracts and the practices’ strong longstanding market reputation. BCA conducted a highly competitive process that maximized shareholder value and found us the best partner with a shared vision for providing clinical excellence.”
- Bill Moore, CEO
CompEye