Centerbridge’s Acquisition of Davis Vision, Inc.


CapM Advisors acted as financial advisor to Highmark. Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to Highmark. Barclays and Macquarie Capital acted as financial advisors to Centerbridge. Goldman Sachs, Bank USA, Barclays, BMO Capital Markets, Macquarie Capital, and Morgan Stanley Senior Funding, Inc. are providing financing for the Davis Vision transaction. Willkie Farr & Gallagher LLP served as legal counsel to Centerbridge. Harris Williams & Co. provided advisory services to Highmark.

Centerbridge Partners, L.P. (Centerbridge) and HVHC Inc. (HVHC), a wholly-owned subsidiary of Highmark Inc. (Highmark), today announced that they reached a definitive agreement, whereby Centerbridge will purchase Davis Vision, Inc. (Davis Vision), HVHC’s managed vision care subsidiary. As part of the agreement, Davis Vision will be combined with Centerbridge’s existing managed vision care portfolio company, Superior Vision, and Highmark will acquire a minority ownership interest in the combined Davis Vision-Superior Vision company.

In a separate transaction, Centerbridge will acquire a minority equity stake in Visionworks, HVHC’s optical retail subsidiary. Highmark will retain a controlling ownership interest in Visionworks.

The transactions are expected to close in the fourth quarter of 2017, subject to regulatory approval.

The Skadden team includes: Insurance M&A partner Todd Freed (Picture); M&A partner Jeremy London (Washington, D.C.) and counsel Anthony Saldana (Washington, D.C.); Financial Institutions associate Patrick Lewis; M&A associate Drew Pollekoff (Washington, D.C.); Tax partner Jessica Hough (Washington, D.C.); Labor and Employment Law partner David Schwartz; Intellectual Property and Technology counsel James Talbot; and Financial Institutions counsel Cheryl Bunevich.

Involved fees earner: Todd Freed – Skadden Arps Slate Meager & Flom; Jeremy London – Skadden Arps Slate Meager & Flom; Anthony Saldana – Skadden Arps Slate Meager & Flom; Drew Pollekoff – Skadden Arps Slate Meager & Flom; Patrick Lewis – Skadden Arps Slate Meager & Flom; Cheryl Bunevich – Skadden Arps Slate Meager & Flom; Jessica Hough – Skadden Arps Slate Meager & Flom; David Schwartz – Skadden Arps Slate Meager & Flom; James Talbot – Skadden Arps Slate Meager & Flom;

Law Firms: Skadden Arps Slate Meager & Flom;

Clients: Highmark Inc.;