Wind Point Partners has sold its portfolio company Performance Optics, including its subsidiaries VISION EASE and Daemyung Optical Co., to HOYA Corporation.
Performance Optics is an ophthalmic lens manufacturer specializing in polycarbonate, photochromic, polarized, and high index eyeglass lenses. Wind Point acquired VISION EASE in September 2014 and brought in industry executive John Weber as the company’s CEO in November 2014. In October 2015, VISION EASE expanded its product portfolio and distribution capabilities with the acquisition of Daemyung Optical, an optical lens manufacturer with facilities in South Korea and China. Performance Optics is based near Minneapolis in Ramsey, MN (www.visionease.com) (www.dmo.co.kr).
“Wind Point was a great partner who supported our efforts to expand our product line, enter new markets, and invest in our global manufacturing footprint,” said Mr. Weber. “In particular, Wind Point gave us the capability to make the strategic acquisition of Daemyung Optical, which gave us new products for the North American market as well as manufacturing in South Korea and China. The team also appreciates the support of Bruce Carbonari, Wind Point Executive Advisor Partner and former CEO of Fortune Brands, who served as a trusted advisor and lead director of the board.”
“Performance Optics is a great example of Wind Point’s strategy of partnering with a CEO, working with the CEO to build a top-caliber management team, and working closely with that team to transform the business,” said Nathan Brown, a Managing Director at Wind Point. “Over the past two and a half years, John and his team have executed an aggressive value creation plan that roughly doubled the size of the business and dramatically improved the company’s competitive position. We would not have been able to execute the transformation without the support of Constitution Capital Partners, who were co-investors and served on the board of Performance Optics.”
Wind Point invests from $30 million to $150 million in companies with revenues from $100 million to $500 million and EBITDAs of at least $10 million. Industries of interest include business services, consumer products, healthcare and industrial products. Wind Point was founded in 1984 and is based in Chicago. Last month, Wind Point held a final closing of its eighth fund, Wind Point Partners VIII, with $985 million of capital commitments. The fund exceeded its initial hard cap of $750 million and marks the largest fund closing in Wind Point’s history (www.wppartners.com).
Constitution Capital, Windpoint’s co-investor in Performance Optics, makes fund investments and direct investments in North America-based small to mid-cap opportunities. The firm’s limited partners are largely institutional investors, family offices and high net worth investors from the US, UK, Europe, South America and Asia. In January 2017, the firm closed its latest fund, Ironsides IV Private Equity Partnership/Co-Investment Fund LP, with total capital commitments of $755 million. The new fund was oversubscribed and exceeded the original $500 million target. Constitution Capital is headquartered in Boston (www.concp.com).
HOYA, the buyer of Performance Optics, is active in the fields of healthcare and information technology, providing eyeglasses, medical endoscopes, intraocular lenses, optical lenses, as well as components for semiconductor devices, LCD panels and high definition displays. The Tokyo-based HOYA has 150 offices and subsidiaries worldwide and employs over 34,000 people (www.hoya.com).
© 2017 Private Equity Professional | August 4, 2017
