PROVIDENCE, R.I.--(BUSINESS WIRE)--Nautic Partners, LLC (“Nautic”) announced today that Nautic Partners VI, L.P. and Nautic Partners VI-A, L.P. have completed the sale of Superior Vision Corporation (“Superior” or “Superior Vision”) to affiliated funds of Centerbridge Partners, L.P. (“Centerbridge”). Terms of the transaction were not disclosed.
Headquartered in Linthicum, Maryland, Superior Vision is a comprehensive eye care company offering solutions to the full spectrum of the vision marketplace, including employer groups, health plans, and government-sponsored programs, serving over 11 million members and providing access to the industry’s broadest, most diverse eye care provider network. Superior's unique network covers each market segment, including specialized eye care chains, mass-market retailers, boutique retailers, and independent vision care providers.
“Our partnership with the Superior team was very rewarding,” said Scott Hilinski, Managing Director of Nautic. “Over the last four years, Superior grew from a single market vision benefit administrator to a comprehensive eye care company serving all market segments. We believe the company is uniquely positioned to continue its track record of growth and leading service.”
“Nautic brought significant experience, resources, and energy to Superior throughout our partnership,” said Kirk Rothrock, CEO of Superior Vision. “Under Nautic’s ownership, we evolved to become one of the leading and fastest growing independent eye care benefits companies. Today, we are well positioned to continue our outstanding performance and are enthusiastic to welcome Centerbridge as our investment partner.”
“We are proud of our partnership with the Superior team, led by Kirk Rothrock,” said Chris Corey, Managing Director of Nautic. “Kirk and his team executed extremely well against our strategic plan, which led to outstanding member and customer service and financial performance. Under our ownership, Superior grew its membership over five times through organic growth and the acquisition of Block Vision. We look forward to watching Superior’s continued success.”
Houlihan Lokey and Triple Tree served as financial advisors to Superior Vision, and Locke Lord LLP acted as legal counsel.
About Nautic Partners
Nautic is a middle-market private equity firm that focuses on three industries: healthcare, industrial products, and outsourced services. Nautic has completed 125 platform transactions throughout its 30-year history. Nautic’s strategy is to partner with management teams to accelerate the growth trajectory of its portfolio companies via add-on acquisitions, targeted operating initiatives, and increased management team depth. Nautic generally makes equity investments of $25 to $100 million. For more information, please visit www.nautic.com.
About Superior Vision
Superior Vision is a leading provider of vision and eye health solutions to the full spectrum of the vision care marketplace, including employer groups, health plans, and government-sponsored programs. The company delivers broad and affordable access to vision care, outstanding service, and resources to help our members make informed vision care choices that offer the greatest value. For more information, visit www.SuperiorVision.com.
About Centerbridge Partners
Centerbridge Partners, L.P. is an investment management firm focused on private equity and credit investment opportunities. As of February 2016, the firm has approximately $25 billion in capital under management with offices in New York and London. The firm is dedicated to partnering with world-class management teams across targeted industry sectors to help companies achieve their operating and financial objectives.