Superior Vision to be Acquired by Centerbridge Partners
LINTHICUM, MD, (November 24, 2015) – Superior Vision Corporation (“Superior Vision”), a leader in managed vision care, announced that it has entered into an agreement to be acquired by Centerbridge Partners, L.P., (“Centerbridge”), a leading private investment firm, from Nautic Partners, LLC (“Nautic”). The company is presently owned by Nautic and management.
Superior Vision is a comprehensive eye care company with member-centric solutions for the group, Medicare and Medicaid markets. The company serves more than 11 million members and supplies access to the broadest and most diverse eye care provider network in the industry. Superior Vision's unique network covers each market segment, including specialized eye care chains, mass-market retailers, boutique retailers, and independent vision care providers.
“We are excited to partner with Centerbridge,” said Kirk Rothrock, CEO of Superior Vision. “We have delivered outstanding growth by providing our members superior service, access and choice. Centerbridge’s expertise in healthcare and financial services and its track record of partnership with its portfolio companies will help us continue to create long-term sustainable value. We look forward to building on our successes with our new investors,” Rothrock concluded.
Dan Osnoss, Managing Director of Centerbridge, said, “We look forward to supporting the company and its management team through its next phase of growth and development. As a leading independent vision managed care company, Superior Vision is well positioned for continued expansion in both the commercial group and government pay markets.”
The transaction is expected to close following the satisfaction of customary closing conditions and approvals by the end of the first quarter of 2016.
Houlihan Lokey acted as financial advisor and Locke Lord acted as legal counsel to Superior Vision. Macquarie Capital (USA) acted as financial advisor and Willkie Farr & Gallagher acted as legal counsel to Centerbridge.
About Superior Vision
Superior Vision is a leading provider of vision and eye health solutions to the full spectrum of the vision care marketplace, including groups, health plans and government-sponsored programs. We care for our clients and members by delivering broad and affordable access to vision care, outstanding service and resources to help them make informed vision care choices that offer the greatest value. For more information, visit www.SuperiorVision.com.
About Centerbridge Partners
Centerbridge Partners, L.P., headquartered in New York, NY is a private investment firm with approximately $25 billion in capital under management. The firm focuses on private equity and credit investments and is dedicated to partnering with world-class management teams across targeted industry sectors to help companies achieve their operating and financial objectives.
About Nautic Partners
Nautic is a middle-market private equity firm which specializes in three industries; healthcare, industrial products and outsourced services. Nautic has completed over 120 platform transactions over its 29 year history. Nautic’s strategy is to partner with management teams to accelerate the growth trajectory of its portfolio companies via add-on acquisitions and targeted operating initiatives. Nautic generally makes equity investments of $25 - $100 million. For more information, visit www.nautic.com.
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About Superior Vision
Superior Vision is a leader in managed vision care, providing vision and eye health solutions ranging from routine vision benefits to medical management. Our customers include commercial groups, individuals, and health plans that serve government-sponsored programs such as Medicaid and Medicare. Headquartered in Baltimore, MD, we serve more than 11 million members nationwide. With Superior Vision, members have access to quality vision care through the broadest and most diverse eye care provider network in the industry – one that includes independent vision care providers, leading retail optical chains and online eyewear providers.
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