Centerbridge explores sale of Versant Health - sources
By Joshua Franklin and Mike Spector (Reuters) - Private equity firm Centerbridge Partners LP is exploring a sale of Versant Health in a deal which could value the U.S. managed vision care benefits company at more than $2 billion (£1.56 billion), including debt, people familiar with the matter said on Tuesday. Versant could appeal to other medical benefits providers as well as buyout firms seeking to consolidate the sector
By Joshua Franklin and Mike Spector
(Reuters) - Private equity firm Centerbridge Partners LP is exploring a sale of Versant Health in a deal which could value the U.S. managed vision care benefits company at more than $2 billion (£1.56 billion), including debt, people familiar with the matter said on Tuesday.
Versant could appeal to other medical benefits providers as well as buyout firms seeking to consolidate the sector. Earlier this year, privately held VSP Global, another managed eye care benefits provider, acquired Visionworks, the sixth largest optical chain in the United States, in a bid for scale.
New York-based Centerbridge has hired Barclays Plc
Versant and Barclays declined to comment. Centerbridge did not respond to a request for comment.
Versant was formed in 2017 after Centerbridge combined Superior Vision and Davis Vision, which it acquired in 2016 and 2017 respectively.
Linthicum, Maryland-based Versant has more than 33 million members in the United States across its vision care plans, according to its website.
The U.S. vision care industry generates around $40 billion in annual revenue, according to the Vision Council, a trade group, making it an attractive investment destination for private equity firms.
In August, Goldman Sachs Group Inc's
(Reporting by Joshua Franklin and Mike Spector in New York; Editing by Lisa Shumaker)
This story has not been edited by Firstpost staff and is generated by auto-feed.
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