Eye Care Professionals and Retail Optical
Beginning in 2014, HPC Puckett leveraged its twenty years of experience in the optical sector, and began working with financial and strategic purchasers, to develop a market for its clients to sell local and regional multi-location practices and dispensaries, including both consolidated eye care professionals and retail optical companies. Reaching out to both strategic purchasers, new platform companies and private equity investors, HPC Puckett has and continues to develop a strong network of purchasers, and strategic partners. In no case has HPC Puckett ever represented a purchaser or consolidator, and remains committed to only taking exclusive sell-side engagements.
In 2015 and 2016, HPC Puckett had successfully completed multiple sell-side engagements representing billions of dollars, including retailers, such as the majority investment in Eyemart Express, by private equity, and the sale of For Eyes Optical to Grandvision, the largest retailer worldwide.
During that same time period, HPC Puckett has become the dominant sell-side advisor in this space. The Firm has developed a network of partners, investors, and purchasers, to address the inevitable consolidation of medical optical groups, including local and regional optometric and ophthalmology practices. HPC Puckett then orchestrated the private equity investment in the platform entity, Clarkson Eyecare, and a number of subsequent acquisitions that are the basis of Eye Care Partners. The Firm has completed sell-side engagements to most, if not all, of the consolidators of OD and MD practices to date, and is actively handling numerous sales to new purchasers, including transactions with established and new platform partners.
While HPC Puckett does not represent individual OD or MD practices, the Firm actively initiate the representation of multiple practices in a given geographic area. Under this scenario, the Firm is able to bring to single and smaller location practices, the economic benefits and clout normally associated with larger and platform transactions. These regional consolidations and packaged groups often involve the combination of ophthalmology, retina specialty, optometry, and surgery center practice groups, with supply chain considerations as well.
Moving into the retail sector was a natural fit for HPC Puckett, given the Firm's supply-side DNA and ability to accurately access the costs, supply chain, and efficiencies of its retail and medical practice clients. Our past history in the consolidation of the cable television industry, as well as, other optical sectors, including the optical laboratory industry, provide HPC Puckett with a clear template of the pending consolidation of the retail and medical practice segments.