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NAUTIC PARTNERS ACQUIRES SUPERIOR VISION HOLDINGS, INC.
Providence, RI and Rancho Cordova, CA — April 9, 2012
Nautic Partners LLC, a private equity firm with more than $2.5 billion of capital under management, and Superior Vision Holdings, Inc. ("Superior Vision" or the "Company") today announced that Nautic, in partnership with the Superior Vision management team, acquired the Company. Headquartered in Rancho Cordova, California, Superior Vision provides vision insurance coverage to approximately two million members across all 50 states. Superior Vision will continue to work as an independent vision plan in the marketplace exactly as they do today and the existing management team, led by Rick Corbett, will continue to operate the Company.
Founded in 1993, Superior Vision is one of the leading independent vision benefits companies in the United States. The company has developed into one of the most well-respected vision care plans in the country by delivering its clients unmatched customer service, flexible vision plan offerings, and access to the nation's largest vision provider network consisting of over 46,000 providers, including ophthalmologists, optometrists, and retail optical locations.
"Superior Vision has an outstanding track record of growth. With its leading provider network and flexible plan design, the Company delivers a compelling value proposition to its members, employer group clients and third party partners," said Scott Hilinski, Managing Director of Nautic. "We are excited to be partnering with Rick Corbett and the entire Superior Vision team and believe that the Company is positioned well to extend its exceptional track record of profitable growth."
"We are excited to partner with Nautic as we continue to grow our vision business and employ new strategies to capitalize on the increasing role of vision benefits in a company's overall benefits and wellness packages, " said Rick Corbett, President and CEO, Superior Vision. "Nautic has outstanding proven experience in the healthcare industry, and we are looking forward to their financial and strategic support."
Superior Vision is Nautic Partners' twelfth investment from its most recent fund, Nautic Partners VI, LP, and continues Nautic's successful history of investing in the healthcare industry. Other representative Nautic healthcare investments include American Imaging Management, AXIA Health Management, Healthcare Payment Specialists, Medegen, Reliant Hospital Partners and Theorem Clinical Research.
About Superior Vision
Superior Vision, headquartered in Rancho Cordova, California, has been a leader in the managed vision care benefits market since 1993. Superior Vision provides vision plans in a variety of sectors -- including public, private, education, and associations -- across a variety of industries. With an unrivaled provider network of ophthalmologists, optometrists, opticians, and optical retail chain locations, and award-winning customer service, our members are our mission and highest priority. For more information, visit Superior Vision online at www.superiorvision.com.