Private equity firm Centerbridge Partners LP said on Wednesday it had agreed to buy a majority stake in U.S. health insurer Highmark Health’s managed vision care benefits unit Davis Vision unit for an undisclosed amount.

The deal provides a cash boost to the Pittsburgh-based nonprofit as it tries to cope with losses as a result of covering patients in Pennsylvania, Delaware and West Virginia under U.S. President Barack Obama’s Affordable Care Act.

Centerbridge will also take a minority stake in Highmark’s retail subsidiary, Visionworks, with Highmark maintaining majority control. Peter Bridgman, whose experience includes at Luxottica Group Spa’s Pearle Vision and LensCrafters, will join Visionworks as CEO.

READ FULL ARTICLE HERE