Pine Tree Expands iCare Health Solutions to Largest Provider in Florida
Pine Tree Equity IV, LP (“Pine Tree Equity”), a private equity firm based in Miami, FL, is pleased to announce that iCare Health Solutions, LLC (“iCare”) has partnered with the founders of both Aran Eye Associates, P.A. (“Aran Eye”) and 20/20 Eye Care Network, Inc. (“20/20 Eye”) in September 2020. The combination expands iCare to become the largest “integrated” provider of eye care in Florida as both the largest managed service provider as well as the largest ophthalmology and optometry provider with over 55 owned locations.
iCare, founded in 1982 and headquartered in Miami, FL, is the leading managed service provider for ophthalmology and optometry services in Florida. iCare serves over 1.2 million members and maintains a network of over 1,200 ophthalmology and optometry providers. Moreover, iCare provides direct optometry services to patients through 14 owned practices in Miami-Dade County.
20/20 Eye, founded in 1989 by Dr. Robert Coppola and headquartered in Fort Lauderdale FL, is a managed service provider for ophthalmology and optometry services in Florida. 20/20 Eye serves over 600 thousand members and maintains a network of over 300 ophthalmology and optometry providers. Moreover, 20/20 Eye Care provides direct ophthalmology and optometry services to patients through 17 owned practices in Broward and Palm Beach Counties.
Aran Eye, founded in 1986 by Dr. Albert Aran, joined later by Dr. Emilio Balius and headquartered in Miami, FL, is the largest ophthalmology practice in Florida with 20 owned practices, 3 ambulatory surgery centers and 1 laser center in Miami Dade and Broward Counties. The platform provides services on an “at-risk” basis as well as under “non-risk” fee-for-service contracts.
“We are thrilled to have the opportunity to bring together such a strong team of both entrepreneurs and executives. There is no better way than through this combination of both managed service providers and actual care providers that we can serve both the patients and the plans with best in class care and service,” said Lee Stern, Chief Executive Officer of iCare. “There has never been an organization in the state with a bench that includes this level of entrepreneurial talent or information systems!”
Aran Eye and 20/20 Eye mark Pine Tree Equity’s 78th and 79th investments since inception in 2007 (i.e., 26 platform and 53 add-on acquisitions). Pine Tree is actively searching for additional ophthalmology and optometry investments. We are pleased to offer traditional referral fees for a closed transaction based on a signed fee agreement. For additional information, please call Jeff Settembrino at (305) 808-9820.
