Wind Point Partners has sold Performance Optics, an ophthalmic lens manufacturer, to HOYA Corp. No financial terms were disclosed. DLA Piper served as legal adviser to Wind Point.
Chicago, IL, August 2, 2017 – Wind Point Partners (Wind Point), a Chicago-based private equity investment firm, announced today that it has sold portfolio company Performance Optics, LLC (Performance Optics), including its subsidiaries VISION EASE and Daemyung Optical Co. Ltd. (DMO), to HOYA Corporation. Performance Optics is a global ophthalmic lens manufacturer specializing in polycarbonate, photochromic, polarized, and high index eyeglass lenses.
Wind Point acquired VISION EASE in September 2014 and brought in industry executive John Weber as CEO in November 2014. Prior to VISION EASE, John had a nine year career at CooperVision, most recently serving as President. Joining VISION EASE and John on the senior management team were Brad Staley as COO and Kevin McMenimen as CFO. In October 2015, VISION EASE expanded its product portfolio and distribution capabilities with the acquisition of DMO, a leading optical lens manufacturer with facilities in South Korea and China.
“Performance Optics is a great example of Wind Point’s strategy of partnering with a CEO, working with the CEO to build a top-caliber management team, and working closely with that team to transform the business,” said Nathan Brown, a Managing Director at Wind Point. “Over the past two and a half years, John and his team have executed an aggressive value creation plan that roughly doubled the size of the business and dramatically improved the company’s competitive position. We would not have been able to execute the transformation without the support of Constitution Capital Partners, who were co-investors and served on the board of Performance Optics.”
“Wind Point was a great partner who supported our efforts to expand our product line, enter new markets, and invest in our global manufacturing footprint,” stated John Weber, CEO of Performance Optics. “In particular, Wind Point gave us the capability to make the strategic acquisition of DMO, which gave us new products for the North American market as well as manufacturing in South Korea and China. The team also appreciates the support of Bruce Carbonari, Wind Point Executive Advisor Partner and former CEO of Fortune Brands, who served as a trusted advisor and lead director of the board.”
DLA Piper acted as the legal advisor to Wind Point.
About Wind Point Partners
Wind Point Partners is a private equity investment firm that has raised over $3 billion in commitments since 1984. Wind Point focuses on partnering with top caliber management teams to acquire middle market businesses where it can establish a clear path to value creation. Additional information is available at www.windpointpartners.com.
About Performance Optics
Performance Optics, LLC is a portfolio company of Wind Point Partners that is focused on optical company investments. It comprises ophthalmic lens manufacturers VISION EASE and Daemyung Optical Co. Ltd., and includes production facilities in the United States, Thailand, Indonesia, South Korea and China.
VISION EASE is a global ophthalmic lens marketer and manufacturer offering lenses that are now industry standards – including polycarbonate, photochromic and polarized lenses.
Daemyung Optical Co., Ltd. is the second largest optical lens manufacturer in Korea and specializes in high-index plastic lenses.
Additional information available at www.visionease.com and m.dmo.co.kr.
Founded in 1941 in Tokyo, Japan, Hoya is a global technology and med-tech company, and a leading supplier of innovative high-tech and medical products. Hoya is active in the fields of healthcare and information technology, providing eyeglasses, medical endoscopes, intraocular lenses, optical lenses, as well as key components for semiconductor devices, LCD panels and HDDs. With over 150 offices and subsidiaries worldwide, Hoya currently employs a multinational workforce of over 34,000 people. For more information, please visit www.hoya.com.