Lombart Instrument, a portfolio company of Atlantic Street Capital since April 2016, has acquired Enhanced Medical Services, a distributor of pre-owned ophthalmic instruments.
Enhanced Medical Services (EMS) provides pre-owned eye-care equipment including auto refractor kerameters, corneal topographers, retinal fundus cameras, non-invasive ophthalmic devices, ophthalmic retinal lasers, and other products. EMS also carries a selection of new equipment from leading ophthalmic manufacturers including Keeler, WelchAllyn and Topcon.
EMS was founded in 2007 by CEO Tony Genovese and is headquartered in St. Louis (www.emseye.com). Mr. Genovese has joined Lombart as Executive Vice President of National Accounts and will continue to oversee the operations of EMS.
Lombart is one of largest independent, value‐added distributors of eye care equipment to ophthalmologist and optometrist practices in the United States. The company’s products 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 and is headquartered in Norfolk, VA (www.lombartinstrument.com).
“The addition of EMS increases our product offering and our customer base but, most valuably, it gives our organization the opportunity to work more aggressively within a doctor’s budget,” said Scott Lombart, Chief Commercial Officer of Lombart. “EMS’s relationships, expertise, and inventory provide us additional solutions for practices with different instrumentation needs.”
The buy of EMS is the second add-on completed by Atlantic Street for Lombart. In March 2017, Lombart acquired Toronto-based INNOVA, one of the largest independent distributors of ophthalmic instruments in Canada (www.innovamed.com).
“Since our acquisition of Lombart in 2016 we have steadily built the business through organic growth, as well as expanded into Canada with the earlier acquisition of INNOVA,” said Andy Wilkins, Managing Partner of Atlantic Street. “The addition of EMS is another significant investment to strengthen Lombart’s position as a key partner for its customers, further extending our ability to deliver a breadth of clinical solutions.”
Atlantic Street invests from $10 million to $30 million in middle market companies with EBITDA from $4 million to $15 million. Sectors of interest include consumer products and services, transportation and logistics, business services, and basic manufacturing. In October 2016, Atlantic Street held an above-target close of Atlantic Street Capital III LP with $210 million of committed capital. The firm was founded in September 2006 and is based in Stamford, CT (www.atlanticstreetcapital.com).
© 2018 Private Equity Professional | August 6, 2018
