Lombart Instrument, a portfolio company of Atlantic Street Capital, has partnered up with Marco Ophthalmic to form Advancing Eyecare Holdings. No financial terms were disclosed. The deal is expected to close in the first quarter of this year. Lombart is a distributor of ophthalmic instruments to ophthalmologists and optometrists while Marco Ophthalmic Inc is a high-tech instrumentation supplier.
STAMFORD, Conn., Jan. 11, 2019 /PRNewswire/ — Atlantic Street Capital, a private equity firm targeting entrepreneurial businesses poised for the next level of growth, announced today that it will form Advancing Eyecare Holdings with the partnership of its portfolio company Lombart Instrument (Lombart), the leading U.S. distributor of ophthalmic instruments to ophthalmologists and optometrists, and Marco Ophthalmic Inc (Marco), a market leading, high-tech instrumentation supplier.
The transaction is subject to customary closing conditions and is expected to be completed in the first quarter of 2019.
Founded in 1967 and based in Jacksonville, Florida, Marco is a market leading brand and U.S. based supplier of diagnostic ophthalmic equipment, offering a complete suite of high quality advanced technical and traditional classic lane products. Marco’s brand is well known for its focus on optimizing the refraction lane, a reputation that has allowed them to capture some of the largest institutional customers and buying groups in the industry. For more information, visit www.marco.com.
Gordon Siteman, Chief Executive Officer of Lombart, said, “Creating Advancing Eyecare with the partnership of two leaders in the eyecare instrumentation marketplace increases our ability to provide the doctor both the service and product offerings that suit their budget and their technology requirements. When completed, the combined organization will deliver the best solution at the best price for every practice’s needs.”
Upon completion of the transaction, David Marco will continue as a meaningful investor in the business and will join Advancing Eyecare as Co-Chairman of the newly-formed company and help advise the senior management teams. Mr. Marco, commented, “With this strategic partnership we will be ideally positioned to maximize value for both our customer and employees. It allows for expanded service capability for Marco and greater technology offerings for Lombart. The combined entity enhances and accelerates our unique abilities to modernize and maximize efficiencies of the Eye Care platforms.”
Bryan Bevin, Senior Operating Advisor to Atlantic Street Capital’s portfolio companies, will serve as Co-Chairman of the Advancing Eyecare Board. Both he and Mr. Marco will oversee the operating and strategic guidance of all Lombart assets in the medical eye care marketplace in North America – including Lombart Instrument, Marco Ophthalmic, Enhanced Medical Services, and INNOVA Medical Ophthalmics (Canada & Mexico).
Andy Wilkins, Managing Partner of Atlantic Street Capital, said, “Since our acquisition of Lombart in 2016, we have steadily built the business through organic growth, as well as expanded into Canada with the acquisition of INNOVA and enhanced our pre-owned ophthalmic business with the acquisition earlier this year of Enhanced Medical Services. The addition of Marco 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.”
Lombart is the largest independent, value-added distributor of ophthalmic instruments to ophthalmologist and optometrist practices in the United States. Products offered 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. Lombart is headquartered in Norfolk, VA. For more information, visit www.lombartinstrument.com.
About Atlantic Street Capital
Atlantic Street Capital is a private equity firm that invests in middle market companies with between $4 million and $15 million in EBITDA. The firm invests in fundamentally sound companies that will benefit from capital investment and value-adding strategic and operational initiatives. Atlantic Street Capital’s investment team are hands-on investors who work closely with management to unlock their business’ underlying value and help them succeed. For more information, visit www.atlanticstreetcapital.com.