WALTHAM, MA — BVI has acquired Benz Research & Development and its customized contact lens subsidiary, SpecialEyes, both based in Sarasota, FL.
The Benz portfolio of innovative performance materials in both intraocular lens and contact lens manufacturing complements BVI’s portfolio of IOLs under the PhysIOL brand, including the trifocal lens FineVision, according to a BVI press release.
“As one of only a few suppliers of raw materials for IOL production, Benz sets itself apart from the rest of the industry based on the quality and precision of its production,” the release noted. Benz material has been used in over 50 million implants worldwide, and Benz will continue to supply its customers following this deal.
Financial terms of the transaction were not disclosed.
“Adding Benz to our company is quite strategic for BVI as it brings us world-class lens material capabilities. Furthermore, the proprietary IOL molding technology will allow us to increase materially the scale of our IOL production,” said Shervin Korangy, president and CEO of BVI. “When we met Pat Benz several years ago, it quickly became evident that a partnership together would be a great next step towards BVI’s expansion aspirations. We welcome the Benz team to the BVI family.”
The acquisition “marks a period of significant expansion for BVI as the business has grown multiples faster than the ophthalmic market since the initial investment by TPG Capital,” according to the release.
“This deal marries the industry’s leading optical design and IOL platform with the industry’s best IOL material and production technology,” said Patrick Benz, founder and CEO of Benz R&D. “Benz has supplied PhysIOL lens production for many years, so we know what we are getting into. BVI’s vision of the future is incredibly exciting and will allow us to bring our technology to the next level.”