IDOC Acquires PRIMA Eye Group
JANUARY 2016 - Heritage Capital Group (“Heritage”) is pleased to announce the successful sale of PRIMA Eye Group (“PRIMA”) to Independent Doctors of Optometric Care (“IDOC”).
PRIMA is a top consulting firm and alliance devoted to helping independent optometrists through every stage of their optometric business. PRIMA, founded in 2011, is a hybrid consulting firm and alliance for vision care professionals that provides one-on-one consulting from a team of experts in optometric management and offers expertise on specialized areas including marketing, human resources, and practice financial analysis. PRIMA also hosts national and regional conferences and roundtable groups.
IDOC is an alliance committed to the growth and long-term success of independent optometrists. Since 1999, IDOC has been providing eye care professionals a competitive advantage through strong vendor programs, business education, and networking opportunities.
With the acquisition, IDOC remains the largest privately-held alliance of independent ODs in the U.S., with approximately 3,100 member optometrists. The two companies will continue to operate as IDOC and PRIMA Eye Group during a phased integration period in 2016, with each maintaining their respective corporate headquarters; PRIMA in Atlanta, Ga., IDOC in Norwalk, Conn.
Funding for the acquisition was provided by The Riverside Company, a global middle market private equity firm based in Cleveland and a partner with IDOC.
“IDOC and PRIMA share a passion for helping the independent optometrist to be successful in private practice,” said Dave Brown, president and CEO of IDOC. “Together, we will be able to provide even stronger vendor programs, expanded resources, and enhanced consulting services to help independent optometrists survive and thrive.”
Nail Gailmard, OD, co-founder and president and COO of PRIMA commented, "I look forward to working together to develop new strategies and programs to support independent optometrists," notes Dr. Gailmard. "I am very excited that we will bring even more capabilities and resources to help our members achieve great success in private practice.“
Bill Prescott was the lead principal for Heritage Capital Group in advising PRIMA on the sale to IDOC. Jerry Hayes OD, co-founder and CEO added, “We retained Bill Prescott and Heritage in the summer of 2015 to represent us in the sale of our Atlanta based company to a competitor that was owned by a private equity firm. Bill and the Heritage team were terrific throughout the process. They did a great job of keeping the negotiations on track and that they pushed hard to get us top dollar in the deal. I am happy we chose them, and I would definitely use Bill and his team again.”
Heritage Capital Group provides a range of investment banking services, including buy-side and sell-side M&A advisory work, business valuations, litigation support, exit planning, value enhancement and strategic advisory services, including restructuring and reorganization consulting. Heritage Capital Group is a FINRA regulated broker-dealer and the Florida headquarters of M&A International Inc, which extends its capabilities on a global scale.