Atlantic Street Capital has agreed to sell Advancing Eyecare, a provider of ophthalmic instruments, to Cornell Capital.
Advancing Eyecare (AEC) was formed by Atlantic Street’s second fund in 2019 to consolidate its investments in ophthalmic instrumentation companies, Lombart Instrument and Marco Ophthalmic.
AEC’s products include chairs, stands, slit lamps, refractors, tonometers (measures intraocular pressure), lensmeters (measures the prescription in a pair of eyeglasses), acuity devices (eye charts), perimeters (measures range of a visual field), lenses, supplies, and other accessories.
AEC goes to market through seven brands, including Lombart, Marco, INNOVA Medical, S4Optik, Enhanced Medical Services, Ophthalmic Instruments, and Santinelli International. Customers of AEC include independent eye-care practitioners, national chains, hospitals, and ophthalmic teaching institutions. In addition to providing equipment, AEC provides ophthalmic equipment repairs, preventative maintenance, and other support services. AEC is led by CEO Brad Staley and is headquartered in Jacksonville, Florida.
“AEC’s trusted brands and broad portfolio of high-quality products and services have supported our customers’ daily operations and growth needs since our founding, and we are excited to take our company to new heights in partnership with Cornell,” said Mr. Staley. “We look forward to leveraging Cornell’s expertise and our multi-channel platform and strong relationships to capitalize on organic and inorganic growth initiatives, accelerate the development of top-quality product and service offerings and unlock enhanced value for customers.”
“Since forming the company, we executed on our plan to develop a broad range of technology, products, and services whose combined scope and leading brands provide the highest level of eye care for patients,” said Andy Wilkins, a managing partner at Atlantic Street. “We are proud to have played a role in further building the company’s leadership position. Advancing Eyecare has dramatically enhanced the services delivered to patients and we are very happy with our partnership with Brad and his team.”
Cornell Capital was founded in 2013 by Henry Cornell, the former vice-chairman of Goldman Sachs’ merchant banking division, to invest in companies in the consumer, energy, financial and industrial sectors. In June 2018, the firm held a final closing of its inaugural private equity fund, Cornell Capital Partners LP, with total capital commitments of $1.3 billion. The firm has offices in New York and Hong Kong.
Atlantic Street invests from $15 million to $75 million in middle-market companies with EBITDA from $4 million to $25 million. The firm invests across a range of sectors but has a specific interest in healthcare, multi-unit retail, business services, and consumer products and services. Atlantic Street was founded in September 2006 by Peter Shabecoff and is headquartered in Greenwich, Connecticut with additional offices in West Palm Beach, Florida, and New York City.
“AEC’s broad portfolio of innovative products and world-class service and tech support have positioned the company as a leader in the attractive multi-billion-dollar ophthalmic products and services market,” said Stephen Trevor, a partner at Cornell. “As the demand for eye care continues to drive market growth and the industry continues to transition toward more advanced technologies and digital capabilities, AEC is uniquely well suited to meet comprehensive customer needs as an end-to-end service provider.”
UBS Investment Bank, Jefferies and Golub Capital are the joint lead arrangers for the senior debt facilities backing the acquisition of Advancing Eyecare.
CapM Advisors was the financial advisor to Cornell Capital, and Houlihan Lokey was the financial advisor to Advancing Eyecare.
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