Illinois Retina Associates

Overview

Deal Type Healthcare Investment Banking
Healthcare
Client & Transactional Partners Illinois Retina Associates
Retina Consultants of America
Webster Equity Partners
Our Role Sell-Side Advisor

Summary

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive sell-side financial advisor to Illinois Retina Associates (IRA) on its strategic affiliation with Retina Consultants of America, a comprehensive physician management services organization formed by Webster Equity Partners. Financial terms were not disclosed.

IRA retained Cain Brothers due to its extensive history of advising physician practices, expertise in ophthalmology and retina, and deep relationships with the relevant buyers. This transaction continues Cain Brothers’ strong track record in the multi-site physician services sector and is the seventh retina specialty practice Cain Brothers has represented in the past three years.

Illinois Retina Associates was founded in 1975 and has grown to become the Midwest’s leading retina practice. IRA’s 12 board-certified and fellowship-trained ophthalmologists provide quality care to patients in the Chicagoland and northern Indiana geographies. The practice is comprised of 170 employees across 12 locations. IRA is a leader in the clinical research space, completing more than 120 clinical trials since the practice's inception.

Retina Consultants of America (RCA) is a network of leading retina specialists with the mission of saving sight and improving patient lives through innovation and the highest quality care. Through RCA’s physician-centered practice management model, physicians continue to drive clinical care and practice culture, while benefitting from the business expertise, resources, and shared best practices available through RCA.

Webster Equity Partners specializes in buying and building middle-market businesses in partnership with management across the healthcare services industry. Webster provides equity financing, expertise and a broad contact network for management buyouts and growth capital.

Illinois Retina Associates

Recent Deals

July 2025

a portfolio company of 

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$1.815 Billion

Senior Secured Credit Facilities

$900 Million

8.50% First Lien Secured Notes due 2032

Joint Lead Arranger
Joint Bookrunner

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June 2025

 

El Camino Commons

$74.8 Million

Construction Loan & LIHTC Equity

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June 2025

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$280.2 Million

Senior Secured Credit Facilities

Coordinating Lead Arranger
Administrative Agent

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June 2025

Hill Estates

Hill Estates

$67.5 Million

Bridge to Perm Loan, Acquisition

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