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Centerbridge Partners closes acquisition of Davis Vision

Private equity firm Centerbridge Partners LP has closed its acquisition of vision care company Davis Vision Inc. from Highmark Inc. unit HVHC Inc.

Davis Vision will be merged with Superior Vision, Centerbridge's existing managed vision care portfolio company. Highmark will hold a minority stake in the combined business.

Centerbridge also acquired a minority equity stake in Visionworks Inc., a chain of eyeglasses retail stores owned by Highmark.

CapM Advisors acted as financial adviser to Highmark, while Skadden Arps Slate Meagher & Flom LLP served as legal counsel. Barclays and Macquarie Capital acted as financial advisers 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.