About The Company:
Headquartered in Nashville, Tennessee, and founded by Drs. Jeff and Susan Kegarise in 1995, Cool Spring Eyecare operates two optometry practices, Cool Springs Eyecare and Donelson Eyecare. Drs. Jeff and Susan Kegarise, a husband-wife-team, acquired a single site location generating less than $100K of revenue per year and transformed it into one of the leading providers of eye health services in Tennessee. The practices offer full eye health and vision care in addition to traditional optometry / ophthalmology. At the combined locations, physician count had grown from two to ten, adding a board-certified ophthalmologist in 2016.
Sell-Side Mandate:
Cool Springs Eyecare engaged The Lenox Group to guide the Kegarise family through an exclusive sale endeavor. Dr. Jeff Kegarise had a vision to continue scaling the business through acquisitions, while Dr. Susan Kegarise wanted to retire. The Lenox Group created a targeted pool of prospective acquirers that could fit both needs, developed a comprehensive financial model, composed compelling marketing materials, orchestrated management presentations, conducted thorough due diligence procedures, and negotiated with discerning firms and parties.
Outcome:
The Lenox Group successfully advised Cool Springs Eyecare on its sale to Keplr Vision, a portfolio company of Imperial Capital. Keplr Vision offers a comprehensive operational support platform for optometric practices to continue practicing medicine but shift business operations to a larger managed service operator. Founded in 1989, Imperial Capital is a middle-market private equity firm with $3.6 billion of assets under management