CALGARY and GREENWICH, CT, March 5, 2020 /CNW/ - FYidoctors, the world's largest optometrist-controlled eye care company, today announced that L Catterton, the largest and most global consumer-focused private equity firm, has made a strategic minority equity investment in FYidoctors. FYidoctors management and optometrist shareholders will continue to hold a significant equity interest in the business. Terms of the transaction were not disclosed.
Founded in 2008 and based in Calgary, Alberta, FYidoctors was started as a small group of independent eye doctors, focused on putting patients first. Today, the Company has grown into Canada's largest eye care provider and has remained doctor-owned, doctor-led and patient-centric. With more than 500 optometrists, 250 locations and 2,700 employees, the Company provides complete eye care solutions that are customized to patients' needs and lifestyles.
The new partnership provides FYidoctors with both significant growth capital and expertise from L Catterton, a firm that has built some of the most renowned brands, globally. It also provides a platform for current and ongoing liquidity options for optometrists while continuing to support the ownership of equity by both current and new optometrist partners, a key component of FYidoctors' DNA.
"FYidoctors has created significant success through our patient-first approach to eye care. This partnership is the beginning of us taking the business to even greater heights. It's an absolute honour to partner with a firm of this calibre and is inspiring for everyone at FYidoctors," said Dr. Alan Ulsifer, Chairman and CEO of FYidoctors. "I am incredibly proud of the optometrists who have joined the organization from our humble beginnings to now. We are pleased to have created value for those who are with us today and those who will join us in the future."
L Catterton has significant experience investing in leading consumer healthcare businesses. Current and previous investments include dentalcorp, Ideal Image, ClearChoice, Owndays, OdontoCompany, FEMME, Espaçolaser and PetVet Care Centers.
"FYidoctors is a best-in-class brand with a proven and attractive platform for continued growth," said Andrew Taub, Managing Partner in L Catterton's Flagship Buyout Fund. "We look forward to leveraging our expertise in consumer healthcare to help this differentiated business continue to thrive." Rajan Shah, Vice President at L Catterton, added, "FYidoctors represents an opportunity to invest in a market leader. We are excited to partner with Dr. Ulsifer and the exceptional FYidoctors team to build an iconic North American brand."
EY Orenda Corporate Finance Inc. served as exclusive financial advisor to FYidoctors. Jefferies LLC and Barclays served as financial advisors to L Catterton.
FYidoctors is the world's largest optometrist-controlled provider of ophthalmic products and services. A privately held, optometrist-owned-and-operated eye care company, with over 500 optometrists, 250 locations and 2700 employees, the organization strives to deliver outstanding patient eye care. Headquartered in Calgary, Alberta, the company owns and operates a fully automated, freeform laboratory and distribution facility located in Delta, British Columbia. To learn more please visit www.fyidoctors.com.
About L Catterton
With approximately $20 billion of equity capital across seven fund strategies in 17 offices globally, L Catterton is the largest consumer-focused private equity firm in the world. L Catterton's team of more than 190 investment and operating professionals partners with management teams around the world to implement strategic plans to foster growth, leveraging deep category insight, operational excellence, and a broad thought partnership network. Since 1989, the firm has made over 200 investments in leading consumer brands. L Catterton was formed through the partnership of Catterton, LVMH, and Groupe Arnault. For more information about L Catterton, please visit www.lcatterton.com.
For further information: Media Contacts: FYidoctors: Jerry Nasr, PR and Social Communications Manager, [email protected], 416.585.2090; L Catterton: Andrea Rose / Tim Ragones, Joele Frank, Wilkinson Brimmer Katcher, 212.355.4449