LOS
ANGELES, December 9, 2022 — B. Riley Securities, Inc., a leading
full-service investment bank, is pleased to announce it served as financial
advisor in the successful recapitalization of Florida Retina Institute ("FRI"), the
largest independent vitreoretinal services provider in Florida, by Retina Consultants of America
("RCA"), a comprehensive physician management services organization. RCA is
a portfolio company of healthcare-focused middle market private equity firm,
Webster Equity Partners.
In connection with the transaction, FRI's 13 board-certified physicians and 19
clinic locations have joined RCA's national network of leading retina
specialists. The new partnership expands FRI and RCA's footprint and influence
in innovative retina research in Florida and across the U.S. FRI will maintain
ownership of the real estate of its 19 clinical locations.
For more than 40 years, FRI has been recognized for excellence in the treatment
of vitreoretinal diseases and surgery throughout Central Florida, North Florida
and Southeast Georgia. FRI offers the full spectrum of vitreoretinal care to
patients of all ages including exams, injections, imaging, office-lasers,
surgery, and the opportunity to participate in FRI's cutting-edge clinical
trials. FRI's experienced physicians are consistently recognized as
best-in-class in peer-nominated regional and national healthcare provider
rankings.
"The physicians of Florida Retina Institute are extremely excited about the
opportunity to partner with Retina Consultants of America, which we recognize
as the largest and most impressive collection of retina specialists in the
world," said Elias C.
Mavrofrides, M.D., Board-Certified, Fellowship Trained
Vitreoretinal Specialist at Florida Retina Institute. "FRI has enjoyed
tremendous growth over the past several years, and RCA will elevate our ability
to enhance our clinical research programs, invest in our infrastructure
allowing for continued growth and improved patients access, ensure early
availability of all clinical advancements, and facilitate collaboration amongst
an incredible collection of retina specialists. We are truly honored to work
with RCA to bring these amazing benefits to our communities."
"We were pleased to work with Florida Retina Institute in support of its new
partnership with RCA to expand infrastructure for improved patient access and
cutting-edge clinical research programs across Central and Northern Florida.
FRI's recapitalization with RCA ensures the sustainability and enhancement of
the full continuum of clinical services in the communities they serve," said James Metcalf, Senior
Managing Director with B. Riley Securities Healthcare and Life Sciences team.
"This represents our team's first completed transaction since joining B. Riley.
We look forward to continued growth and success in partnership with our
colleagues across the firm."
B. Riley Securities has substantially expanded its
Healthcare & Life Sciences team which provides a full suite of investment
banking services to healthcare companies across the care continuum. Areas of
specialization include vision care; ophthalmology; retina; optometry; single-
and multiple-specialty physician practices; outsourced provider services; payor
services; behavioral health; digital health; outsourced pharmaceutical
services; specialty pharmaceuticals; and medical products/devices.
About Florida Retina
Institute
Founded in 1979, Florida Retina Institute includes a renowned team of doctors
dedicated to providing comprehensive patient care in vitreous and retinal
ophthalmology from 19 locations throughout Central Florida, North Florida, and
Southeast Georgia. FRI retina services include retinal detachment, diabetic
retinopathy, macular degeneration, laser procedures, macular and vitreous
surgery, pediatric retina and complex retinal conditions. Applying the latest
advances and the most sophisticated methods in vitreoretinal diseases and
surgery, FRI's retina specialists are focused on tailoring individual treatment
plans to each patient. For more information visit www.floridaretinainstitute.com.
About Retina Consultants
of America
Retina Consultants of America (RCA) is the only network of leading retina
specialists focused solely on retinal care with the mission of saving sight and
improving patient lives through innovation and the highest quality care.
Created by Webster Equity Partners, LLC in 2020 and headquartered in Southlake,
Texas, RCA has more than 215 physicians, operating in 19 states, including:
California, Colorado, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky,
Minnesota, Mississippi, Missouri, New York, North Carolina, South Carolina,
South Dakota, Tennessee, Texas, Utah and Washington. RCA's physician-led
practices use their collective voice to shape the future of retinal treatments
and share operational and medical knowledge that ensures a high standard of
care for patients and practices. Through RCA's physician-centered practice
management model, physicians continue to drive state-of-the-art clinical care
and practice culture, while benefitting from the business expertise, resources
and shared best practices available through RCA. For more information,
visit www.retinaconsultantsofamerica.com.
About B. Riley Securities,
Inc.
B. Riley Securities provides a full suite of investment banking, corporate
finance, advisory, research, and sales and trading services. Investment banking
services include initial, secondary and follow-on offerings, institutional private
placements, merger and acquisition (M&A) advisory, SPACs, corporate
restructuring and recapitalization. B. Riley is nationally recognized and
highly ranked for its proprietary small-cap equity research. The firm is a
wholly owned subsidiary of B. Riley Financial. For more information, visit brileysecurities.com.
For more information about the Florida Retina Institute transaction, please contact
James Metcalf
at jmetcalf@brileyfin.com or 917-620-1161.
B. Riley Financial
Varied