Davis Vision + Superior Vision Deal Closes
Centerbridge Partners Builds Vision Portfolio Designed to Drive Growth
New York, NY (December 1, 2017) -- Today, Centerbridge Partners, L.P. (Centerbridge) announced that they have closed on their multifaceted transaction to acquire Davis Vision as announced on Aug. 9 of this year.
“The close of this transaction will enable us to move forward with our partnership with management and Highmark to create the nation’s leading managed vision benefit offering,” said Dan Osnoss, managing director of Centerbridge. “We are excited to be part of the next chapter for these great companies, their organizations, and their stakeholders.”
Davis Vision is now affiliated with Superior Vision, Centerbridge’s existing managed vision care portfolio company, with Highmark now owning a minority interest in the joint managed vision care business.
“The Superior Vision-Davis Vision affiliation will provide the nation's most comprehensive, easy-to-administer and compliant vision program for employers and health plans of all sizes,” said Kirk Rothrock, CEO of the joint companies. Rothrock continued, “The new relationship leverages the expertise and services of each company in their respective market segments to ensure easy access to quality vision care for members – whether through employer-sponsored or government-sponsored programs.”
Advantages of the Superior Vision – Davis Vision combination include:
- Real Choice for Customers: Combined, Superior Vision and Davis Vision can offer a larger suite of outstanding vision benefit services that best meet members’ needs.
- Broadest Access in the Industry to Quality Vision Care: Both Superior Vision and Davis Vision offer extensive provider networks with strengths in complementary areas. The new entity will enable/sustain multiple networks, ensuring there is a provider network that meets each customer’s requirement.
- Driving Value: Together, the two companies manage more than 33 million members. Superior Vision and Davis Vision can leverage their position in the industry to develop new services, expand existing services and to establish provider relationships that maximize the value we deliver to our customers and their members.
Rothrock concluded, “We are in the beginning stages of our partnership; there will be no immediate changes to the way either company operates. We are excited about the relationship and look forward to taking advantage of both organizations’ strengths to build a leading eye health and vision benefits company.”
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Centerbridge Partners, L.P.
About Davis Vision
With 100 years of experience in the optical industry, Davis Vision is one of the nation’s leading managed vision care companies. The unique benefit structure through its state-of-the art labs, comprehensive provider network, key retail partnerships, and exclusive collection of frames is why Davis Vision is trusted by over 22 million members. For more information about Davis Vision, visit www.DavisVision.com.
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. Customers include commercial groups, individuals, and health plans that serve government-sponsored programs such as Medicaid and Medicare. Headquartered in Baltimore, MD, the company serves more than 11 million members nationwide. For more information visit www.SuperiorVision.com
About Centerbridge Partners
Centerbridge Partners, L.P. is a private investment management firm employing a flexible approach across investment disciplines—from private equity to credit and related strategies, and real estate—in an effort to find the most attractive opportunities for our investors and business partners. The Firm was founded in 2005 and as of November 2017 has approximately $28 billion in capital under management with offices in New York and London. Centerbridge is dedicated to partnering with world-class management teams across targeted industry sectors and geographies to help companies achieve their operating and financial objectives. For more information, please visit www.centerbridge.com.