Riordan Lewis & Haden Equity Partners (RLH) has sold its portfolio company, ABB Concise Optical Group, a distributor of contact lenses, to New Mountain Capital.
ABB Concise is the nation’s largest distributor of soft contact lenses. The company supplies more than two-thirds of the independent eye care professionals in America with brand name contact lenses, ophthalmic products, and customizable gas permeable lenses. The company is based in Coral Springs, FL (www.abbconcise.com).
The ABB Concise transaction is the third liquidity event within the RLH portfolio in 2012, following upon exits earlier in the year of maxIT Healthcare and Creative Circle. These three transactions collectively represented total equity value in excess of $1 billion.
“These three liquidity events demonstrate the power of our firm’s differentiated approach to private equity. Each of these portfolio companies achieved a high rate of organic growth over a multi-year period despite weak economic times, while utilizing conservative levels of debt. Our companies increased revenue organically at compound annual rates ranging from 15% to 35%. And each of them grew EBITDA significantly faster than revenue. Perhaps most importantly, these enterprises also translated their accelerated growth into even more rapid rates of equity value creation,” said J. Christopher Lewis, Managing Director of RLH.
Riordan, Lewis & Haden invests in high growth, lower middle market companies. Sectors of interest include business services, healthcare, and government services. The firm currently manages over $500 million of assets and is actively seeking new portfolio companies. Riordan, Lewis & Haden is based in Los Angeles (www.rlhequity.com).
New Mountain Capital invests in growth equity transactions, leveraged acquisitions, and management buyouts. The firm currently manages private and public equity funds with approximately $9 billion in aggregate capital commitments. New Mountain is based in New York (www.newmountaincapital.com).
© 2012 PEPD • Private Equity’s Leading News Magazine • 10-25-12