RLH Eyes a Recap for Optical Company

ABB Concise Optical Group has been recapitalized by Los Angeles-based private equity firm Riordan Lewis & Haden. Specifics of the deal were not publicized. ABB is a Coral Springs, Florida-based distributor of soft contact lenses.


LOS ANGELES, Oct. 24, 2012 — Riordan Lewis & Haden | Equity Partners (RLH) is pleased to announce that our portfolio company, ABB Concise Optical Group, has been recapitalized by New Mountain Capital. This transaction provided a very favorable financial outcome for RLH’s investors while affording the ABB Concise management team the opportunity to continue their growth strategy in partnership with a new investor. ABB Concise, based in Coral Springs, Florida, is the nation’s largest distributor of soft contact lenses. The Company supplies more than two-thirds of the independent eye care professionals in America with brand name contact lenses, high grade ophthalmic products, and fully customizable gas permeable lenses.
RLH has been privileged to work with a superb team at ABB Concise and to assist them in enhancing management and IT infrastructure, developing B2B online strategies, and broadening relationships with suppliers. The Company achieved consistently strong growth in revenue and EBITDA over the past five years and generated investment returns that significantly outpaced the Company’s rate of growth. RLH congratulates the entire ABB Concise organization on their accomplishments and wishes them continued great success in the future.
The ABB Concise transaction is the third liquidity event within the RLH portfolio in 2012, following upon successful exits earlier in the year with respect to portfolio companies maxIT Healthcare and Creative Circle. The three transactions collectively represented total equity value in excess of $1 billion. J. Christopher Lewis, Managing Director of RLH, noted, “These three liquidity events demonstrate the power of our firm’s differentiated approach to private equity. Each of these portfolio companies achieved a high rate of organic growth over a multi-year period despite weak economic times, while utilizing conservative levels of debt. Our companies increased revenue organically at compound annual rates ranging from 15% to 35%. And each of them grew EBITDA significantly faster than revenue. Perhaps most importantly, these enterprises also translated their accelerated growth into even more rapid rates of equity value creation.”
About RLH
Riordan, Lewis & Haden is a leading private equity firm which invests in high growth, profitable enterprises with $20 – $150 million of annual revenue. Focused on companies in the business services, healthcare, and government services sectors, RLH has achieved a 30-year track record of success by partnering with passionate entrepreneurs to build significant companies. RLH typically invests via a recapitalization transaction that provides partial liquidity for the entrepreneur, and then assists the portfolio company management team in navigating the opportunities and challenges of rapid growth. The firm currently manages over $500 million of assets and is actively seeking new portfolio companies.