Highmark Inc. subsidiary HVHC Inc. closed the sale of its Davis Vision managed care unit to private equity firm Centerbridge Partners LP on Friday.
Financials for the transaction, announced in August, were not disclosed.
Davis Vision was combined with Superior Vision, Centerbridge’s portfolio company. Highmark now owns a minority interest in the business.
In a separate deal, Centerbridge acquired a minority equity stake in Visionworks, HVHC’s chain of optical stores. Highmark retains a controlling ownership interest in Visionworks.
“Customers were at the core of Highmark’s objective in seeking a partner in the vision business,” David Holmberg, president and CEO of Pittsburgh-based Highmark Health, Highmark’s parent company, said in a prepared statement. Holmberg had previously been CEO of HVHC. “At Highmark Health, we are leading a transformational strategy that will redefine health care by integrating health care delivery and insurance coverage in a new patient-centered, clinician-led model that improves health care quality, access and cost control.”
HVHC is based in San Antonio, Texas.
Date: Dec 02, 2017