Monarch Alternative Capital LP has acquired Shopko Optical, an eyewear provider. No financial terms were disclosed.
GREEN BAY, Wis., May 16, 2019 /PRNewswire/ — Monarch Alternative Capital LP today announced the successful completion of the previously announced acquisition of Shopko Optical. The company expects to relocate nearly 80 of its current locations housed inside Shopko stores to freestanding locations.
“We are excited to welcome Shopko Optical into our portfolio and to invest in the company’s growth as we move forward with our strategy. Monarch has a long, successful history of investing in great companies undergoing transitions and working alongside their leadership teams to build strong, vibrant businesses of the future,” said Andrew Herenstein, Co-founder and Managing Principal of Monarch.
Jim Eisen, former President of Visionworks, is working as an Operating Partner with Monarch alongside the Shopko Optical team. “I’m grateful for the opportunity to join the Shopko Optical team. We are committed to continuing to provide quality patient care and outstanding service that our affiliated doctors of optometry and opticians have provided for over 40 years. It is an exciting time to be part of the Shopko Optical family,” said Eisen.
Over the course of 2019, Shopko Optical expects to relocate approximately 80 stores, while continuing to serve patients and customers in their existing locations during the transition. Shopko Optical will continue to offer high quality eyecare services and technically superior products, along with coverage from most major insurance plans.
“As we move forward with our plans to operate 80 freestanding optical locations, we continue to be dedicated to our patients, doctors, opticians and the communities we serve,” said Russ Steinhorst, CEO of Shopko. “We encourage anyone with questions to please get in touch with our team. We appreciate the continued patronage of our patients and their understanding during what we hope to be a continued smooth transition.”
About Monarch Alternative Capital LP
Monarch Alternative Capital LP is a private investment firm with approximately $5 billion in assets under management across various investment vehicles. Monarch was founded in 2002 and focuses primarily on opportunistic investing across distressed debt, special situations equity and real estate. The firm’s headquarters is located in New York, with a subsidiary office in London.
About Shopko Optical
Shopko Optical, which formerly operated under Shopko Stores Operating Co., LLC, is the trade name of Shoptikal LLC, an affiliate of Monarch Alternative Capital LP. Shopko Optical provides excellent patient-centric care and high quality eyewear through its dedicated team of optometrists and opticians. Shopko Optical expects to open 80 locations in 2019 with further growth expected in 2020 and beyond. For more information, visit https://optical.shopko.com/