CenterGate Capital has acquired Zyloware Corporation, a century-old provider of eyewear frames.
Zyloware is a full-service eyewear company specializing in product design, marketing, inventory management, and distribution. The company’s products are sold to mass retailers, value chains, large chains, and independent eyewear operators worldwide.
Founded in 1923 by Joseph Shyer in Long Island City, New York, Zyloware is the oldest family-owned optical frame supplier in the United States. The company pioneered the use of zylonite, a lightweight, durable, and easily moldable plastic, in eyewear manufacturing. This innovation led to the development of its branded Invincible frame in 1964, which sold over 20 million units.
In 1976, Zyloware introduced the first American designer eyewear brand with Gloria Vanderbilt, followed by the first celebrity eyewear collection with Sophia Loren in 1980. More recent collections include Shaquille O’Neal Eyewear, Via Spiga Eyewear, and Stetson Eyewear.
Prior to its acquisition by CenterGate, Zyloware was a privately held, third-generation, family-run business. The company is led by co-CEOs Jamie Shyer and Chris Shyer and is headquartered near White Plains in Port Chester, New York.
“I am proud of our company’s 101-year history of serving this industry,” said Jamie Shyer. “We pride ourselves on exceptional quality, creative design, and unmatched customer service. We look forward to continuing that legacy over the coming years.”
“This transaction was a big step for our company,” said Chris Shyer. “We are excited about our partnership with CenterGate and what it means for our employees, customers, and business partners.”
“We are impressed by the organization the Shyer family and the rest of the management team have built,” said Michael Smith, a managing director at CenterGate. “We are honored to be their partners for the next chapter of Zyloware’s growth.”
CenterGate Capital, based in Austin, Texas, invests between $10 million and $75 million in equity in lower middle-market companies across North America, with EBITDA ranging from $5 million to $30 million. Its areas of focus include business services, manufacturing, and consumer sectors. In August, CenterGate announced the final closing of CenterGate Capital Partners II LP with just over $375 million in capital, exceeding its target.
Ernst & Young Capital Advisors served as the financial advisor to Zyloware for this transaction.
© 2024 Private Equity Professional | December 5, 2024
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