PURPOSE To identify temporal and geographic trends in private equity (PE)-backed acquisitions of ophthalmology and optometry practices in the United States. DESIGN A cross-sectional study using private equity acquisition and investment data from January 1, 2012, through October 20, 2019. PARTICIPANTS A total of 228 PE acquisitions of ophthalmology and optometry practices in the United States between 2012 and 2019. METHODS Acquisition and financial investment data were compiled from 6 financial databases, 4 industry news outlets, and publicly available press releases from PE firms or platform companies. MAIN OUTCOME MEASURES Yearly trends in ophthalmology and optometry acquisitions, including number of total acquisitions, clinical locations, and providers of acquired practices as well as subsequent sales, median holding period, geographic footprint, and financing status of each platform company. RESULTS A total of 228 practices associated with 1466 clinical locations and 2146 ophthalmologists or optometrists were acquired by 29 PE-backed platform companies. Of these acquisitions, 127, 9, and 92 were comprehensive or multispecialty, retina, and optometry practices, respectively. Acquisitions increased rapidly between 2012 and 2019: 42 practices were acquired between 2012 and 2016 compared to 186 from 2017 through 2019. Financing rounds of platform companies paralleled temporal acquisition trends. Three platform companies, comprising 60% of platforms formed before 2016, were subsequently sold or recapitalized to new PE investors by the end of this study period with a median holding period of 3.5 years. In terms of geographic distribution, acquisitions occurred in 40 states with most PE firms developing multistate platform companies. New York and California were the 2 states with the greatest number of PE acquisitions with 22 and 19, respectively. CONCLUSIONS Private equity-backed acquisitions of ophthalmology and optometry practices have increased rapidly since 2012, with some platform companies having already been sold or recapitalized to new investors. Additionally, private equity-backed platform companies have developed both regionally focused and multistate models of add-on acquisitions. Future research should assess the impact of PE investment on patient, provider, and practice metrics, including health outcomes, expenditures, procedural volume, and staff employment.

中文翻译：

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眼科和验光领域的私募股权：美国 2012 年至 2019 年的收购分析。

目的 确定私募股权 (PE) 支持的美国眼科和验光业务收购的时间和地理趋势。设计 使用 2012 年 1 月 1 日至 2019 年 10 月 20 日私募股权收购和投资数据的横断面研究。参与者 2012 年至 2019 年期间，美国眼科和验光业务的私募股权收购共计 228 起。方法收购和财务投资数据来自 6 个金融数据库、4 个行业新闻媒体以及 PE 公司或平台公司的公开新闻稿。主要结果衡量眼科和验光收购的年度趋势，包括总收购数量、临床地点和收购实践的提供者以及随后的销售额、中位持有期、每个平台公司的地理足迹和融资状况。结果 29 家 PE 支持的平台公司收购了与 1466 个临床地点和 2146 名眼科医生或验光师相关的 228 家诊所。在这些收购中，127 次、9 次和 92 次分别是综合性或多专业、视网膜和验光实践。2012 年至 2019 年期间收购迅速增加：2012 年至 2016 年期间收购了 42 家实践，而 2017 年至 2019 年期间收购了 186 家。平台公司的融资轮与时间收购趋势平行。三个平台公司，占 2016 年之前成立的平台的 60%，随后在本研究期结束时被出售或资本重组给新的 PE 投资者，中位持有期为 3.5 年。从地域分布来看，收购发生在 40 个州，大多数 PE 公司都在开发多州平台公司。纽约和加利福尼亚是私募股权收购数量最多的两个州，分别为 22 家和 19 家。结论 自 2012 年以来，私募股权支持的眼科和验光业务收购迅速增加，一些平台公司已被出售或资本重组给新投资者。此外，私募股权支持的平台公司已经开发了以区域为重点和多州的附加收购模式。未来的研究应评估 PE 投资对患者、提供者和实践指标的影响，包括健康结果、支出、手术量和员工就业。纽约和加利福尼亚是私募股权收购数量最多的两个州，分别为 22 家和 19 家。结论 自 2012 年以来，私募股权支持的眼科和验光业务收购迅速增加，一些平台公司已被出售或资本重组给新投资者。此外，私募股权支持的平台公司已经开发了以区域为重点和多州的附加收购模式。未来的研究应评估 PE 投资对患者、提供者和实践指标的影响，包括健康结果、支出、手术量和员工就业。纽约和加利福尼亚是私募股权收购数量最多的两个州，分别为 22 家和 19 家。结论 自 2012 年以来，私募股权支持的眼科和验光业务收购迅速增加，一些平台公司已被出售或资本重组给新投资者。此外，私募股权支持的平台公司已经开发了以区域为重点和多州的附加收购模式。未来的研究应评估 PE 投资对患者、提供者和实践指标的影响，包括健康结果、支出、手术量和员工就业。一些平台公司已经被出售或资本重组给新的投资者。此外，私募股权支持的平台公司已经开发了以区域为重点和多州的附加收购模式。未来的研究应评估 PE 投资对患者、提供者和实践指标的影响，包括健康结果、支出、手术量和员工就业。一些平台公司已经被出售或资本重组给新的投资者。此外，私募股权支持的平台公司已经开发了以区域为重点和多州的附加收购模式。未来的研究应评估 PE 投资对患者、提供者和实践指标的影响，包括健康结果、支出、手术量和员工就业。