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Highmark Health Seeking $2B Exit for HVHC and Visionworks Eye Care Businesses

Highmark Health Seeking $2B Exit for HVHC and Visionworks Eye Care Businesses

The Wall Street Journal reported earlier. HVHC is said to have generated revenue of about $1.5 billion and EBITDA of $122 million in 2015, with projected revenue of $1.65 billion and EBITDA of $190 million in 2016, the Journal added. HVHC’s estimated $2 billion valuation is based on a multiple of 10x projected EBITDA. Visionworks (formerly Eye Care Centers of America), is a leading provider of eye care services, including contact lens dispensing, in-store labs one-hour prescriptions labs and optometrists. Visionworks also sells contact lenses online. The company introduced or expanded many new fashion designer frames in their stores including Ray-Ban, Diane Von Furstenberg, Lacoste, Anne Klein, Just Cavalli, Nine West, Diesel and Nike. Visionworks is also America’s number one seller of GUESS eyeglasses and a leading seller of Transitions lenses. The company was incorporated in 1988 and has about 5,600 employees. Davis Vision serves more than 19 million members from thousands of client groups in all industries, trades and professions throughout the U.S. through a provider network of optometrists, ophthalmologists, and dispensing locations at more than 46,000 points of access, in both private and retail settings. The company, formerly known as Davis Optical, was founded as a family-owned optical store in 1917. The fourth largest finisher of lenses in the U.S., HVHC Distribution & Manufacturing operates five state-of-the-art manufacturing laboratories where they fabricate eyeglasses for Visionworks and Davis Vision customers. The labs are located in New York, Pennsylvania and Texas, with two distribution centers also located in Texas. Approximately 1,000 employees, both union and non-union, support the manufacturing and distribution operations. Highmark Health is a national, diversified healthcare enterprise based in Pittsburgh that serves members across the United States through its businesses in health insurance, dental insurance, vision care and reinsurance. Highmark Inc. and its affiliates operate health insurance plans in Pennsylvania, Delaware and West Virginia serving 5.2 million members and employ approximately 18,000 people. Highmark is among the top 10 largest health insurers in the United States and are the fourth largest Blue Cross and Blue Shield-affiliated company. Highmark is an independent licensee of Blue Cross and Blue Shield. Highmark posted $17.7 billion consolidated revenues in 2015.]]>

Kushner's Oscar Health Insurance Startup Raises $400M Led By Fidelity

Kushner's Oscar Health Insurance Startup Raises $400M Led By Fidelity

Puck Building in Soho, owned by the Kushner Companies. Earlier this month, a new three-bedroom super-luxury penthouse unit at the landmarked Puck Building was sold by the Kushner Companies for $28 million. Founded in 2012 by Joshua Kushner, Mario Schlosser and Kevin Nazemi, Oscar was the first health insurance company created for consumers in the new world of the Affordable Care Act. That means plans and benefits consumers understand, tools that save time and money, and people who want to help customers along the way. “We’re on a mission to bring quality and value back together in American healthcare. We don’t just pay the bill—members trust Oscar to guide them to better doctors, better care, and lower costs,” says the company. Oscar has grown its footprint during the last year, expanding to California, New Jersey and Texas, reportedly tripling customers to 145,000 up from 40,000. Oscar co-founder and CEO Mario Schlosser said he wants to have 1 million customers in five years. “We expect to go into three or four new states per year and each will cost us about $20 million to start up.” “We don’t get excited about raising money, but rather, see it as a small step towards improving experiences for our members each and every day,” Schlosser said in a statement. “Our most recent round of financing will ensure our continued dedication to service and innovation for our members. It will allow us to grow our staff, create new products and extend our plans to new members across the country.” Photo Credit: (L to R) Mario Schlosser, Kevin Nazemi and Josh Kushner,  founders of Oscar Health Insurance. Source: Oscar.]]>