Greybrook has announced the death of its founder, Elias Vamvakas, who helped build the Toronto-based private equity firm into an entity with real estate and health care investments valued in the billions of dollars.
Vamvakas died after a battle with pancreatic cancer. He was 65.
“Words cannot describe the immeasurable impact that Elias has had over his distinguished career on those who had the privilege of building businesses with him and knowing him personally,” said Peter Politis, CEO of Greybrook Realty Partners, one of the business lines Vamvakas helped establish and grow. ”He will be deeply missed, but his principles and intentions will live on, guiding our business decisions and honouring his spirit of entrepreneurship, partnership and doing what is right.”
Born in 1958 in Athens, Greece, Vamvakas immigrated to Canada in 1966.
Vamvakas’ early career
His career began at London Life and later at Creative Planning Financial Group, where Vamvakas rose up the ranks to become president in 1992.
He then co-founded TLC Vision with Dr. Jeffrey Machat, a business with a market capitalization of more than $1 billion at its peak. Under his leadership as CEO and president, TLC became North America’s largest provider of laser vision correction, with over 100 laser eye clinics.
These accomplishments earned him a series of honours and accolades including Canada’s Top 40 Under 40, the Presidential Medal of Honor from Illinois College of Optometry in 1996 and the E&Y Canadian Entrepreneur of the Year award in 1999.
He also founded and led several other health care companies, including Occulogix and TearLab Corporation. Along with his partners, Sasha Cucuz and Peter Politis, he co-founded Greenbrook TMS Neurohealth Centers, a provider of Transcranial Magnetic Stimulation (TMS) therapy that has provided over 1.5 million treatments to more than 47,000 patients struggling with depression in the U.S.
Greybrook’s formation and growth
Along with Cucuz and Politis, they formed Greybrook more than 20 years ago, where he served as chairman and partner until his passing. The company continues to invest in both real estate development and health care businesses.
In the real estate sector, Greybrook actively invests in large-scale residential and mixed-use developments, playing an active management role alongside an extensive list of real estate development partners.
Its North American real estate portfolio is comprised of more than 110 projects and 70 million square feet of projected density with an estimated completion value of $38 billion.
Greybrook remains under the leadership of co-CEOs Cucuz and Politis.
“Elias possessed an exceptional talent for recognizing and fostering potential in others. His leadership empowered those around him to excel, serving as a mentor to not only Peter and I but also executives across our numerous operating companies over the years,” Cucuz, the CEO of Greybrook Securities, said in the announcement.
“Our mission is to continue to build the incredible business we started together as partners and to ensure his legacy will live on through generations.”
Vamvakas is survived by his wife of 30 years, Nancy (nee Fenwick); their three children, Olivia, Megan and Michael; his father, Antonios Vamvakas; and his mother-in-law, Susan Fenwick.