TLC maintains market-leading positions in the refractive and cataract eye care markets through 70 refractive LASIK centers and nearly 100 mobile surgery units serving rural hospitals and surgery centers. TLC also owns a controlling interest in VisionSource, delivering marketing services, practice development and purchasing power to over 2,000 independent optometrists and optometry centers.
On May 20, 2010, TLC officially emerged from Chapter 11 as a newly reorganized, private company. A private equity firm, H.I.G. identified a compelling investment opportunity in TLC, and with a prior knowledge of the industry H.I.G. moved to evaluate the opportunity and support the company. H.I.G. first acquired senior debt of the company and helped guide the company through the bankruptcy process. Moreover, H.I.G. committed substantial equity to support the company’s plan of reorganization, which repaid in full the company’s senior debt and provided substantial recovery to unsecured creditors. Today, TLC operates from a position of strength, supported by equity from H.I.G. and management as well as a modest amount of third-party debt.
Not all private equity firms will take on a recapitalization of this nature, however prior knowledge of the industry can help an investor see the return-on-investment potential of putting in extra effort now in helping to turn the company around.