Centerbridge Partners to Acquire Highmark Health’s Davis Vision

8/9/17

Private equity firm Centerbridge Partners LP said on Wednesday it had agreed to buy a majority stake in U.S. health insurer Highmark Health’s managed vision care benefits unit Davis Vision unit for an undisclosed amount.

The deal provides a cash boost to the Pittsburgh-based nonprofit as it tries to cope with losses as a result of covering patients in Pennsylvania, Delaware and West Virginia under U.S. President Barack Obama’s Affordable Care Act.

Centerbridge will also take a minority stake in Highmark’s retail subsidiary, Visionworks, with Highmark maintaining majority control. Peter Bridgman, whose experience includes at Luxottica Group Spa’s Pearle Vision and LensCrafters, will join Visionworks as CEO.

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