EyeSouth Partners, a Shore Capital-backed eyecare management services organization that announced its sale to Olympus Partners last month, sold for around a 13x EBITDA multiple, according to two sources familiar with the situation.
The Atlanta-based company sold off adjusted EBITDA of approximately USD 75m, the two sources and a third source familiar said. EyeSouth has more than USD 600m in revenue, two of the sources added.
On 26 May, this news service reported that EyeSouth was in the market via financial advisor Jefferies. On 30 September, Shore announced the sale of EyeSouth to Olympus.
In partnership with Georgia Eye Partners, Shore formed EyeSouth in 2017 with an affiliate network of five locations and 12 doctors. At the time of its sale, EyeSouth had an affiliate network of more than 155 locations in 11 states and more than 270 doctors, according to a Shore press release.
Two of the sources said EyeSouth had an enterprise value of around USD 10m-USD 15m upon its formation. The company has since completed more than 30 acquisitions, they noted.
Mergermarket reported in November 2019 that EyeSouth mandated Jefferies to explore a sale. It was further reported in September 2020 that the process paused in early 2020 due to Covid-19 and was relaunched. However, that sale effort also did not result in a deal.
Winston & Strawn served as legal advisor and Bass, Berry & Sims as regulatory counsel to Shore and EyeSouth in the Olympus deal, the Shore press release states. Olympus was advised by law firm Kirkland & Ellis, according to an Olympus press release.
EyeSouth did not respond to requests for comment. Olympus did not respond by the time of publication. Shore Capital and Jefferies declined to comment.
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