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The Riverside Company invests in optometrists alliance IDOC

13 Aug 2012

Mid-market buyout house The Riverside Company has invested in Independent Doctors of Optometric Care (IDOC), an alliance of independent optometrists in the US.

IDOC includes practices representing more than 1,400 optometrist members across the US.

The company has more than 65 partner vendors and provides group purchasing services, marketing, and continuing-education offerings to its members.

“IDOC’s member network has grown significantly while the company itself has remained lean and efficient,” said Riverside managing partner Loren Schlachet.

“The service provides a clear and compelling value for both members and vendors, and we are confident in its growth trajectory.”

Riverside said it intends to accelerate IDOC’s growth through investments in sales and marketing, as well as improvements in the company’s IT and member service areas.

The firm added it has deep and proven experience growing specialty networks like IDOC.

“While IDOC is already an outstanding company, we see incredible potential for deepening member relationships and growing the member base by providing an even better service experience,” added Riverside principal Alan Peyrat. “IDOC has enormous potential.”

Working with Schlachet and Peyrat on the transaction for Riverside were senior associate John McKernan, associate Tim Thacher, and finance director Kim Katzenberger. Healthcare origination principal Joseph Ibrahim sourced the opportunity for Riverside.

MCG Capital provided debt and equity financing for the deal, and Jones Day advised Riverside. Loeb Partners advised IDOC on the transaction.

Financial terms of the deal were not disclosed.

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