New York, NY, July 6, 2017 – New MainStream Capital (“NMS”), announced today that, in partnership with Drs. Christopher Quinn, Douglas Grayson, Burton Wisotsky and Michael Veliky, it has made a strategic investment in Omni Ophthalmic Management Consultants, LLC and its affiliates (“Omni” or “Omni Eye Services”) to provide practice management services to Omni Eye Specialists P.A. (“OES”) and, following receipt of the necessary consents and approvals, to acquire a majority interest in Essex Specialized Surgical Institute, LLC (“ESSI”). In connection with the transaction, NMS will invest in Omni alongside management, and provide additional capital to further support Omni’s future growth through acquisitions, de novo office openings, provider recruitment and investment in infrastructure.
Founded in 1998, Omni is an optometric referral practice providing a full range of specialty services for the advanced treatment of eye diseases through a network of six offices, including one which operates an ophthalmology-focused ambulatory surgery center, throughout New Jersey and New York. With over 26 Board-certified ophthalmologists and residency-trained optometrists, supported by a staff of 150+ registered nurses, ophthalmic technicians, surgical technicians, and patient services representatives, Omni provides over 75,000 encounters annually.
“NMS represents a strong capital and strategic partner for Omni given its knowledge of the ophthalmology industry, healthcare experience and, most importantly, its partnership approach,” said Dr. Christopher Quinn, President of Omni. “Partnering with NMS presents an exciting opportunity for Omni and its employees to work with an experienced investment firm to further build on the leading practice we have created. I believe NMS’ experience will allow us to accelerate growth both organically and through acquisition and to expand the resources available to our patients and network of optometric physician partners”, said Dr. Christopher Quinn.
Martin E. Chavez, NMS Managing Partner remarked, “We are very pleased to partner with the Omni team. Our investment in Omni exemplifies NMS’s theme-based approach to identifying differentiated opportunities in targeted sectors through extensive research and thesis development. NMS has evaluated a number of ophthalmology specialty groups and believe Omni’s founders and management team have built a truly outstanding company, committed to superior patient care through an established co-management model. We are excited to be partnering with the team at Omni to build upon what is already a leading platform in New Jersey and New York.”
Luis Gonzalez, NMS Partner added, “A large addressable market with growing demand driven by the aging U.S. population combined with shortages in ophthalmologists presents opportunities for consolidation in the eye care market. This investment demonstrates our continued dedication to supporting entrepreneurial physicians with the capital and resources to accelerate growth and provide high-quality care to patients.”
Greenberg Traurig provided legal advice to NMS. Cross Keys Capital served as financial advisor to Omni and McDermott Will & Emery served as legal advisor to Omni.