B. Riley Securities, a full-service investment bank, served as financial advisor in the successful recapitalization of Florida Retina Institute (FRI), an 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 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.
“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,” Elias C. Mavrofrides, M.D., board-certified, fellowship trained vitreoretinal specialist at Florida Retina Institute, said. “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,” James Metcalf, senior managing director with B. Riley Securities Healthcare and Life Sciences team, said. “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.”
