Funds Managed by the Private Equity Group of Ares Management Corporation Acquire Majority Stake and Bpifrance Acquires Minority Stake in Point Vision
Paris, October 12th, 2021 – Point Vision, the leading national network of eye care centers in France, announced today that funds managed by the Private Equity Group of Ares Management Corporation (NYSE: ARES) (“Ares”) have acquired a majority stake in Point Vision, and Bpifrance, the French public investment bank, has acquired a minority stake in the company. In addition, the three founders of Point Vision – Dr. François Pelen, Patrice Pouts and Raphaël Schnitzer – are also reinvesting in the business, alongside a large number of key professionals across the group.
Founded in 2011, Point Vision has been a pioneer in the creation of next-generation medical centers, addressing the the need for quality eye care in France by collaborating with ophthalmologists and orthoptists. Leveraging its network of 48 centers, more than 300 ophthalmologists and 220 orthoptists, Point Vision is committed to serving its nearly 1.2 million patients per year with high quality, innovative and convenient ophthalmology diagnostics and surgical services at reasonable costs.
The investments announced today mark the start of an exciting new chapter for Point Vision. Building on the strong foundation laid over the past 10 years, the company is continuing the roll out of new centers to expand its presence across France, extend its services offerings to meet the unique needs of more patients and promote its important mission for public health.
Francois Pelen, Co-Founder, Executive Chairman and Interim CEO of Point Vision, said on behalf of the Founders: “We have been rolling out Point Vision’s practices across all regions in France over the past 10 years to provide patients with high quality ophthalmology services at reasonable cost and with minimal wait times. Now we are taking the next step, expanding our service offering with the introduction of teleconsultation in satellite centers in underserved areas and developing new surgery services, medical retina, contactology, face aesthetics and more. We have strong growth ambitions that require investment. Therefore, we are excited to have the support of Ares as our new majority investor on this journey, tapping into their deep experience in the healthcare space. We are also delighted to have Bpifrance as a new shareholder. Having them on board is a strong recognition of our public health mission in France. As we enter this new chapter, we would also like to thank Abénex for supporting us over the past seven years. Thank you to all our medical secretaries, orthoptists, paramedical staff and doctors of Point Vision for the great work amid challenging Covid times.”
Antoine Schouman, Partner at Abénex: “Abénex is proud to have supported Point Vision since 2014. The strength of the organization, its medical project and its focus on innovation enabled the group to quickly become an innovator in the ophthalmology sector in France. We would like to thank the founders and the staff of Point Vision for their contribution to the expansion of the project. Ares is becoming majority shareholder of Point Vision at a time where long-standing initiatives like teleophthalmology and the development of subspecialties are materializing. This creates development opportunities for Point Vision, serving patients, physicians and orthoptists, as well as the French healthcare system.”
Stephane Etroy, Partner and Head of European Private Equity at Ares Management: “Since its inception in 2011, the Founders, management and medical staff of Point Vision have built an exceptional business model centred on patient care, which has also greatly benefitted doctors and the wider health ecosystem. We are impressed by the growth trajectory of the group, which now has 48 centers across France, and are excited to support Point Vision in the next phase of its development. We look forward to leveraging our significant experience in partnering with the management teams of healthcare companies in the U.S. and Europe.”
Anne-Sophie Herelle, Partner at Bpifrance: “We are impressed by the fast development of Point Vision over the last decade. It has become a leader in France for ophthalmological consultation services and is highly recognized for its public health mission. Bpifrance is extremely proud to support its further development alongside the Founders, the management team and Ares.”