Are PE Firms Still Buying Optometry Practice Businesses in 2026?

Yes — private equity firms are still actively buying optometry practices in 2026, with EyeCare Partners, MyEyeDr, and Total Eye Care Partners continuing to roll up practices at 3.0x to 6.0x EBITDA for standard independents and 6.0x to 8.0x EBITDA for PE-ready platforms. EyeCare Partners remains the largest ophthalmology and optometry organization in the U.S. after absorbing CEI Vision Partners, and MyEyeDr continues running a dedicated acquisition partnership program targeting independent ODs.

Key Data

  • Independent OD range: 3.0x–6.0x EBITDA or 60–80% of gross revenue
  • PE-ready practice range: 6.0x–8.0x EBITDA
  • Active buyers: EyeCare Partners, MyEyeDr, Total Eye Care Partners

Who's Buying and What They're Paying

The PE roll-up in optometry hasn't stopped — it's just moved from platform formation to add-on acquisition. EyeCare Partners, which combined with CEI Vision Partners at the end of 2021, is the biggest buyer in the market and continues absorbing practices into its existing footprint. MyEyeDr runs one of the most active programmatic acquisition shops in the industry and markets directly to independent ODs through its acquisition partnership services. Total Eye Care Partners, backed by Imperial Capital, is also adding practices throughout 2026. Standard independent optometry practices trade in a 3.0x to 6.0x EBITDA band, or roughly 60% to 80% of gross revenue. Practices that meet PE-ready criteria — documented systems, layered staff, multiple revenue streams, strong recall rates — clear 6.0x to 8.0x. The detailed tiering across optometry and related specialties is covered in depth on my optometry valuation hub.

What PE Buyers Actually Want in 2026

Buyers are more selective than they were in 2021-2022. What moves a practice into the premium band: multiple revenue streams (eye exams, optical dispensary, contact lens fitting, medical optometry, dry eye services), strong patient retention and recall rates, documented SOPs and clinical protocols, a staff that runs the practice without daily owner intervention, and a growing revenue trend over the trailing 24 months. A single-OD practice with one revenue stream and a declining exam volume will struggle to attract platform interest regardless of EBITDA. The consolidation logic is similar to what I see across other PE-backed healthcare specialties — scale and transferability get rewarded; owner dependency gets discounted.

"I had an OD call me last month convinced PE was dead because a friend heard the market had cooled. I sent him three LOIs inside six weeks at 5.8x, 6.4x, and 7.1x. The market hasn't cooled — it's gotten pickier. If you have a real team, real systems, and three years of growth, the offers are still strong. If you're the whole show, you're selling to another OD and it'll clear closer to 3x."

Frequently Asked Questions

Who's Buying and What They're Paying
The PE roll-up in optometry hasn't stopped — it's just moved from platform formation to add-on acquisition. EyeCare Partners, which combined with CEI Vision Partners at the end of 2021, is the biggest buyer in the market and continues absorbing practices into its existing footprint. MyEyeDr runs one of the most active programmatic acquisition shops in the industry and markets directly to independent ODs through its acquisition partnership services. Total Eye Care Partners, backed by Imperial Capital, is also adding practices throughout 2026. Standard independent optometry practices trade in a 3.0x to 6.0x EBITDA band, or roughly 60% to 80% of gross revenue. Practices that meet PE-ready criteria — documented systems, layered staff, multiple revenue streams, strong recall rates — clear 6.0x to 8.0x. That 2 to 3 turn spread is what every seller is trying to claim.
What PE Buyers Actually Want in 2026
Buyers are more selective than they were in 2021-2022. What moves a practice into the premium band: multiple revenue streams (eye exams, optical dispensary, contact lens fitting, medical optometry, dry eye services), strong patient retention and recall rates, documented SOPs and clinical protocols, a staff that runs the practice without daily owner intervention, and a growing revenue trend over the trailing 24 months. A single-OD practice with one revenue stream and a declining exam volume will struggle to attract platform interest regardless of EBITDA. The practices getting premium multiples today look very different from the ones getting them three years ago — buyers have seen enough deals go sideways that they now underwrite transferability first and earnings second.