Lombart Instrument, a portfolio company of U.S. private equity firm Atlantic Street Capital, has acquired Innova Medical Ophthalmics Inc, a privately-held distributor of ophthalmic instruments in Canada. No financial terms were disclosed. David Spear, CEO of Toronto-based Innova, said the combination of the two businesses creates a “market leading value-added supplier for ophthalmic equipment in North America.” Based in Norfolk, Virginia, Lombart was acquired by Atlantic Street in April 2016.
Atlantic Street Capital Portfolio Company Lombart Acquires INNOVA
STAMFORD, Conn., March 9, 2017 /PRNewswire/ — Atlantic Street Capital, a private equity firm targeting entrepreneurial businesses poised for the next level of growth, announced today that its portfolio company Lombart Instrument (“Lombart”), a leading U.S. distributor of ophthalmic instruments to ophthalmologists and optometrists, has acquired INNOVA Medical Ophthalmics, Canada’s leading distributor of ophthalmic instruments.
Founded in 1986 and headquartered in Toronto, Ontario, INNOVA is the largest independent, value-added distributor of ophthalmic instruments in Canada. The Company markets and sells ophthalmic instruments, provides customer consultation services, and offers installation and maintenance/repair services to ophthalmologists and optometrists primarily in Canada, with sales into the U.S., Mexico and abroad.
Andy Wilkins, Managing Partner of Atlantic Street Capital, said, “INNOVA is well-regarded in the industry for its basic exam room equipment and technical diagnostic instrument offerings, large customer base and unsurpassed technical service. INNOVA has been particularly successful in setting up the infrastructure to sell more advanced products that allow our customers to provide superior levels of patient care. We’re excited to bring this expertise into the U.S. to give our salespeople the training, marketing and clinical support to strengthen our product sales and technical service throughout North America.”
“Lombart represents an ideal fit for our company and positions our combined business as the market leading value-added supplier for ophthalmic equipment in North America,” said David Spear, CEO of INNOVA. He added, “We see enormous opportunity to continue organic growth and expand our combined firm’s complementary product offerings into adjacent eye care-specific sectors bringing a higher level of support and service to our customers and better representation to our vendor partners.”
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.
About Atlantic Street Capital
Atlantic Street Capital is a private equity firm that invests in middle market companies with between $4 million and $12 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 partners are hands-on investors who work closely with management to unlock their business’ underlying value and help them succeed. The firm is currently investing from Atlantic Street Capital II, LP. For more information, visit www.atlanticstreetcapital.com.
Contact: Chris Tofalli
Chris Tofalli Public Relations, LLC
Photo courtesy of Innova Medical Ophthalmics Inc