|[February 23, 2017]
Sterling Partners Announces Strategic Partnership with Grand Rapids Ophthalmology
Sterling Partners announced today that it has partnered with Grand
Rapids Ophthalmology ("GRO"), a leading comprehensive eye care provider
offering ophthalmology, optometry, and retail optical services
throughout West Michigan. GRO is the first eye care provider to join
Great Lakes Management Services Organization ("Great Lakes MSO"), a
practice management services organization formed by Sterling to support
GRO's local expansion and larger-scale growth through Great Lakes'
resources, management team, and capital.
Founded in 1982, GRO is recognized as one of the largest
fully-integrated eye care medical groups in West Michigan. It offers a
full suite of eye care services including optometry, retail optical,
oculoplastics, cataract surgery, and retinal subspecialties. GRO's eye
care services are supported by experienced professionals, a
fully-integrated back office, and technologically advanced capabilities.
The company employs the largest number of eye care specialists and
professionals in the region - 11 ophthalmologists, 18 optometrists, and
180 other technicians and staff in 11 locations.
"For more than 30 years, Grand Rapids Ophthalmology has delivered
exceptional service and the highest-quality care to our patients. The
brand and reputation we've worked so hard to build will not change, and
now we have an exciting opportunity to further solidify our strong
market position," said David Barrett, M.D. "With the additional
resources and expertise we now have through our partnership with
Sterling, we'll be able to continue to invest in our employees and the
most advanced technologies and systems to ultimately benefit patients
not just in West Michigan but well beyond."
While GRO has experienced strong organic growth over its 34-year
history, the leadership team recognized the opportunity to expand its
reach and scale by partnering with a like-minded and growth-oriented
investor. GRO will continue to operate as Grand Rapids Ophthalmology,
and all of GRO's shareholders will maintain their curent roles and
ownership through Great Lakes MSO. The partnership with Sterling allows
GRO's management team to pursue near-term and larger-scale growth
opportunities, evolve clinical development to better serve patients,
offer additional career development opportunities and job stability to
its employees, and form strategic partnerships with healthcare systems,
regional employers, and retailers.
"We were looking for a partner that recognized the value of what's been
created to date and would bring the necessary resources to accelerate
our expansion," said Michael Boyle, M.D. "What drew us to Sterling
Partners was their management expertise, access to additional capital, a
growth-focused vision to leverage the existing infrastructure in order
to aggressively expand, and Sterling's long history of investing and
growing healthcare services businesses."
Steven Taslitz, Chairman and Co-Founder of Sterling Partners, added,
"The consolidating eye care market combined with the aging U.S.
population that needs eye care services equates to significant growth
potential for GRO. At Sterling, we look to partner with differentiated
healthcare services companies that provide accessible and high-quality
services in a complex system. We're excited to work with Dr. Barrett,
Dr. Boyle, and their team to take GRO through its next phase of growth."
If you are interested in learning more about a partnership with Great
Lakes MSO, contact Dan Hosler at firstname.lastname@example.org.
About Grand Rapids Ophthalmology
Grand Rapids Ophthalmology provides experienced professionals including
11 ophthalmologists and 18 optometrists at locations throughout West
Michigan to offer convenient and easy access to professional care. GRO's
mission is to provide a broad spectrum of high-quality, state-of-the-art
eye care, products, and services with the highest ethical standards and
with unrivaled service to patients. GRO further strives to provide its
patients, staff, and doctors with an outstanding work environment. For
more information, visit: https://www.seeitclear.com/.
About Sterling Partners
Sterling Partners is a private equity firm with a distinct point of view
on how to build great companies. Founded in 1983, with over $4 billion
of assets under management, Sterling is guided by its stated purpose,
INSPIRED GROWTH®, which describes Sterling's approach to investing in
differentiated businesses and growing them in inspired ways. Sterling
focuses on investing growth capital in middle-market companies in the
healthcare services and business services industries. Sterling provides
valuable support to the management teams of the companies in which the
firm invests through a deep and dedicated team of professionals,
including a strong network of outside directors and advisors. The people
at Sterling believe in ideas and ideals, in people and in partnerships
that drive long-term success. For more information, visit: www.sterlingpartners.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170223005376/en/
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