FFL has agreed to make an investment in optical retailer Eyemart Express. No financial terms were disclosed. HPC Puckett & Company advised Eyemart on the transaction. Eyemart founder Dr. Doug Barnes, Sr., will remain in his role as chairman while Doug Barnes, Jr., will continue as CEO.
PRESS RELEASE
SAN FRANCISCO—November 25, 2014— FFL, a private equity firm focused on growth investments in middle market companies, today announced that it has signed a definitive agreement to make a growth investment in Eyemart Express (“Eyemart” or the “Company”), a leading independent, value-focused optical retailer. Terms of the private transaction, expected to close in December, were not disclosed. Eyemart founder Dr. Doug Barnes, Sr., will remain as Chairman of the Company and Doug Barnes, Jr., will remain as CEO.
Eyemart, headquartered outside Dallas, is the seventh largest optical retailer in the U.S., with over 150 stores in more than 30 states. The Company, founded in 1990, provides a broad selection of high quality private label and branded products. Since 2008, the Company has more than doubled revenue on an organic basis, growing more than four times the industry average.
“We are very excited to partner with FFL as we look to build upon the strong foundation we have established,” said Dr. Barnes.
“FFL’s financial and operational support will help us supply an even greater number of people with affordable eyewear—which has been our focus for almost 25 years,” added Doug Barnes, Jr.
The U.S. optical market has experienced steady growth and recorded more than $30 billion in sales in 2013.
“Eyemart is a standout performer with a proven model of working with top-performing doctors and delivering an excellent customer experience,” said Chris Harris, Director of FFL. “We look forward to working alongside Dr. Barnes, Doug Barnes Jr., and the rest of the Eyemart management team as they enter this next phase of growth.”
Eyemart was advised on the transaction by HPC Puckett & Company.
About FFL
FFL is a San Francisco-based US middle market private equity firm. For over fifteen years, the firm has helped build industry-leading companies, providing capital and advice to exceptional management teams to grow businesses and unlock value. FFL has deep experience in investing and operations, and has brought large-company best practices and professional networks to smaller companies. Business growth has provided over 75% of the value created by FFL for its investors. FFL manages over $4.0 billion of capita, and invests in consumer products and services, financial services, healthcare services, and business services. For more information, visit www.fflpartners.com.
About Eyemart Express
Eyemart Express is a leading independent, value focused optical retailer with over 150 stores in more than 30 states. Eyemart has been in business for over 20 years, and has helped millions improve their vision by providing eyewear with remarkable value and affordability. Eyemart provides a broad selection of high quality private label products as well as branded frames, such as Nike, Guess, Fendi, Calvin Klein and Armani.
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