Hilco Vision, a portfolio company of Blue Point Capital Partners, has acquired Croakies, a maker and seller of eyewear retainers and related outdoor lifestyle accessories such as lanyards, key rings, belts, and dog collars and leashes.
“Croakies originated on the slopes of Jackson Hole Mountain Resort and at its core has the desire to meet the needs of the everyday adventurer,” said John Krisik, President of Croakies. “As I prepare for my retirement at the end of the month, I am certain Hilco is well suited to continue our legacy in creating eyewear retainers and accessories that provide outstanding comfort, style, durability and functionality.”
Croakies products are sold by retailers throughout the United States and in over 30 countries around the world. The company was founded in 1977 and is headquartered in Bozeman, MT (www.croakies.com).
“The Croakies brand is extremely complementary to Hilco’s existing product, service and brand portfolio,” said John LeMay, a Partner with Blue Point. “In partnership with Blue Point, Hilco has benefited from both add-on acquisitions and organic growth, and the acquisition of Croakies will build on the strong momentum at Hilco.”
This transaction represents the fifth add-on acquisition for Hilco since Blue Point acquired the platform investment in May 2014. In September 2016, Hilco acquired Optiplus, a distributor of eyewear accessories, professional tools and lens-care products in the Netherlands and Proteye, a designer, manufacturer and distributor of prescription industrial safety eyewear based near Rotterdam. In August 2015, Hilco closed on its first two add-ons when it acquired Breitfeld & Schliekert, a Karben, Germany-based distributor of optical and optometric tools; and Lexxoo International, a Nuremberg, Germany-based supplier of sunglasses, reading aids, and contact lenses to large retailers, including convenience and drug stores.
Hilco Vision is a designer, manufacturer and distributor of eyewear and eye care accessories, supplies and equipment. The company supplies more than 30,000 SKUs to more than 25,000 domestic and international customers. Hilco’s five primary product categories include: professional tools, consumer accessories, lens care, vision protection and eye care. The company is headquartered southwest of Boston in Plainville, MA, with additional operations in Canada, Europe and Australia (www.hilco.com).
Blue Point Capital Partners is a lower middle market private equity firm that invests in manufacturing, distribution and service businesses that have from $20 million to $200 million in revenue. The firm has over $800 million in committed capital and has offices in Cleveland, Charlotte, Seattle, and Shanghai (www.bluepointcapital.com).
© 2017 Private Equity Professional | January 24, 2017
