Lombart Instrument, a portfolio company of Atlantic Street Capital since April 2016, has acquired INNOVA Medical Ophthalmics, a distributor of ophthalmic instruments.
INNOVA is one of the largest independent, value-added distributors of ophthalmic instruments in Canada. In addition to selling ophthalmic instruments, the company provides customer consultation services, and provides installation, maintenance, and repair services to ophthalmologists and optometrists primarily in Canada. The company does sell some of its products to customers in the US and Mexico. INNOVA, led by CEO David Spear, was founded in 1986 and is headquartered in Toronto (www.innovamed.com).
Lombart is the one of largest independent, value‐added distributors of ophthalmic instruments to ophthalmologist and optometrist practices in the United States. Products offered include chairs, stands, slit lamps, refractors, tonometers, keratometers, eye projectors, perimeters, and replacement bulbs and batteries. Lombart sells these products to ophthalmology and optometry practices and clinics, teaching institutions and hospitals, and government hospitals. The company was founded in 1979 by Richard and Kenneth Lombart and is headquartered in Norfolk, VA (www.lombartinstrument.com).
“INNOVA is well-regarded in the industry for its basic exam room equipment and technical diagnostic instrument offerings, large customer base and unsurpassed technical service,” said Andy Wilkins, Managing Partner of Atlantic Street Capital. “INNOVA has been particularly successful in setting up the infrastructure to sell more advanced products that allow our customers to provide superior levels of patient care. We’re excited to bring this expertise into the US to give our salespeople the training, marketing and clinical support to strengthen our product sales and technical service throughout North America.”
Atlantic Street Capital invests from $10 million to $30 million in middle market companies with EBITDA from $4 million to $12 million. Sectors of interest include consumer products and services, transportation and logistics, business services, and basic manufacturing. The firm was founded in September 2006 and is based in Stamford, CT (www.atlanticstreetcapital.com).
In October 2016, Atlantic Street closed Atlantic Street Capital III, LP with $210 million of committed capital, just beating the firm’s target raise of $200 million.
© 2017 Private Equity Professional | March 9, 2017
