Charlesbank Capital Partners and H.I.G. Capital revealed Wednesday that they are the sellers of Vision Source, which is a unit of TLC Vision. Brazos, a Dallas PE firm, announced they invested in Vision Source last week, but didn’t give out much information. Brazos said they made a “significant” investment in Vision Source.
Charlesbank and H.I.G. acquired TLC, which owned Vision Source, when it came out of bankruptcy protection last May, says Brandon White, a Charlesbank MD. The PE firms paid $134.4 million, including $25 million in DIP financing, for TLC. Charlesbank owned 65% of TLC while HIG had the other 35%, White says.
TLC owned Vision Source but the unit was not part of the bankruptcy. However, Vision Source was acquired as part of the bankruptcy proceeding, White says. He declined to disclose financial terms of the Vision Source sale. Charlesbank and H.I.G. together owned a majority of Vision Source, White says.