HAUPPAUGE, N.Y. and CHICAGO—SightMD
, a leading multi-specialty ophthalmology platform, and Chicago Pacific Founders Fund LP
(CPF), a strategic health care investment fund, announced that they are entering into a partnership to expand SightMD’s patient-centric care model to patients, providers and payers across the New York, New Jersey and Connecticut tri-state area. The terms of the transaction were not disclosed. SightMD is a regional leader in comprehensive eyecare services, which are delivered through its 24 locations, over 50 physicians, and over 400 dedicated employees.
With a 50-year history, SightMD is among the largest integrated ophthalmology practices in the U.S., offering patients a full suite of services seven days per week, empowering its providers via a robust management services organization, and serving payers as a clinically-excellent and cost-effective partner in the tri-state area, the announcement said. SightMD’s end-to-end service offering includes laser cataract surgery and lens implantation, glaucoma management, retinal disorder treatment, corneal services, neuro-ophthalmology, LASIK laser vision correction, oculoplastic surgery, pediatric ophthalmology, and audiology.
“SightMD began with a vision to develop a next-generation network of eyecare professionals, across sub-specialties, whose dedication to advancing technology and surgical techniques would be surpassed only by a commitment to personal patient care delivered at the local level,” said Jeffrey Martin, MD, FACS, a founder of SightMD. “CPF presented us with a unique opportunity to preserve our physician-led culture and reputation for delivering the highest quality clinical care, while injecting strategic expertise and capital to expedite our growth plan.”
Chicago Pacific Founders is a strategic health care investment fund, with offices in San Francisco and Chicago, focused exclusively on investments in the health care services sector. CPF’s partnership with SightMD is the first in the vision care space and, the company said, it is the culmination of a multi-year search to identify and partner with a clinically-excellent and rapidly-growing integrated ophthalmic platform.
“We established Chicago Pacific Founders to serve as an investment partner for health care companies that we believe are positioned to lead innovations in health care delivery and in caring for aging populations,” said Vance Vanier, MD, a founder and co-managing director of CPF. “We spoke with over 100 practices and believe SightMD represents the best partner due to its industry leadership, exceptional clinical quality, and proven track record of growing its providers’ practices by leveraging its management services organization.”
Added Mary Tolan, a founder and co-managing director of CPF, “We seldom encounter leaders, such as Dr. Martin and Dr. Passarelli, nor providers, such as SightMD’s physicians, who are unified in their desire to deliver the highest level of clinical quality in a high-growth and cutting-edge company. The cultural alignment between our organizations was evident from day one and positions SightMD to quickly capitalize on the significant opportunity in the tri-state area.”
John Passarelli, MD, a founder of SightMD, remarked, “Our partnership with CPF represents a new chapter in SightMD’s evolution. CPF’s expertise in health care services, their team’s diverse backgrounds, and the fund’s growth capital position SightMD to accelerate its growth trajectory by adding new providers to our team, new locations to our broad regional footprint, and new patients to the thousands whose vision our team has worked diligently to improve.”
Patients and referring providers should expect no changes to SightMD’s providers and patient-centric care model. Going forward, SightMD expects to grow its provider base across all sub-specialties and its service area across the tri-state area, including additional locations in New York City and its surrounding areas.
SightMD’s physicians will continue in their current roles with the organization, while maintaining a significant ownership interest in SightMD with CPF.
McGuireWoods LLP provided legal advice to CPF. Cross Keys Capital served as financial advisor to SightMD.