Home · Healthcare M&A · Sell an Ophthalmology Practice in NJ
Specialty Practice M&A · 2026
Ophthalmology is one of the most active medical specialties for PE-backed consolidation in NJ in 2026. Three or more PE-backed ophthalmology platforms are actively acquiring NJ practices, with premium multiples for practices that own or have meaningful stake in an ambulatory surgery center (ASC). Optometry combined with ophthalmology adds to the multiple. The combination of cataract surgery volume, premium IOL utilization, and refractive surgery revenue produces the highest-multiple NJ ophthalmology deals.
NJ ophthalmology practices typically sell at 6×–9× EBITDA. The high end is driven by ASC ownership or syndication stake, cataract surgery volume, premium IOL utilization rate, refractive surgery (LASIK/SMILE) revenue, optometry integration, and multi-location footprint.
| Sub-specialty / Category | Typical Multiple |
|---|---|
| Cataract / general ophthalmology | 6×–8× EBITDA |
| Ophthalmology + optometry integrated | 7×–9× EBITDA — optometry adds capacity and EBITDA scale |
| Retina specialists | 7×–9× EBITDA — high-volume injection-based practice |
| Glaucoma specialists | 6×–8× EBITDA |
| Refractive (LASIK-heavy) | 5×–7× EBITDA — cash-pay model is attractive but volatile |
| ASC-owned ophthalmology | +1×–2× multiple uplift vs. non-ASC counterpart |
Ophthalmology M&A in NJ runs through standard CPOM compliance. The ASC component adds complexity: NJ ASCs operate under NJ Department of Health licensure with detailed change-of-ownership reviews. NY ophthalmology practices with ASCs require PHHPC CON for any 10%+ ownership change — typically a 6–12 month additional timeline. Stark Law and Anti-Kickback Statute apply to in-office vs. ASC referral patterns; the deal structure must include FMV documentation for facility-fee arrangements.
NJ ophthalmology practices typically sell at 6×–9× EBITDA. ASC-linked practices trade at the high end (8×–9×). Retina specialists trade at 7×–9×. General cataract practices without ASC typically trade at 6×–7×. The single biggest multiple uplift comes from ambulatory surgery center ownership.
EyeCare Partners (Partners Group), EyeSouth Partners (Olympus Partners), Vision Innovation Partners, and Spectrum Vision Partners are the most active NJ-acquirers in 2026. Premium NJ ophthalmology auctions regularly produce 3–5 competing LOIs.
Yes — significantly. Practices with ASC ownership or syndication stake trade at 1×–2× EBITDA above non-ASC counterparts. The ASC structure produces facility-fee revenue that flows into practice EBITDA at high margins. If you don't currently own ASC stake, consider whether the timing supports adding before sale.
Typical NJ ophthalmology practice sales close in 8–12 months. ASC-included transactions add 2–4 months for facility licensure transition. NY Article 28 ASC transactions add 6–12 months for PHHPC CON.
No. Success-only commission. You pay nothing until your practice sells.
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Related: Healthcare M&A NJ pillar · Sell an ASC · Sell a Medical Practice · Healthcare M&A Glossary