Connect with us

Headlines

Eyecare Equipment Firms Will Combine to Form New Company

It will be called Advancing Eyecare Holdings.

mm

Published

on

STAMFORD, CT — Private equity firm Atlantic Street Capital announced that it will form Advancing Eyecare Holdings with the partnership of its portfolio company Lombart Instrument — a distributor of ophthalmic instruments to ophthalmologists and optometrists — and Marco Ophthalmic Inc., a high-tech instrumentation supplier.

Financial terms of the deal were not disclosed. The transaction is subject to customary closing conditions and is expected to be completed in the first quarter of 2019.

Podcast: More Ways to Motivate Your Own Eyecare Business Team
INVISION Podcast

Podcast: More Ways to Motivate Your Own Eyecare Business Team

Podcast: Why Can’t We All Just Get Along?
INVISION Podcast

Podcast: Why Can’t We All Just Get Along?

Podcast: Try Not to Blink Talks About the Business of Cannabis, and Its Role in Modern Healthcare
Try Not to Blink

Podcast: Try Not to Blink Talks About the Business of Cannabis, and Its Role in Modern Healthcare

Gordon Siteman, CEO of Lombart, said, “Creating Advancing Eyecare with the partnership of two leaders in the eyecare instrumentation marketplace increases our ability to provide the doctor both the service and product offerings that suit their budget and their technology requirements. When completed, the combined organization will deliver the best solution at the best price for every practice’s needs.”

Upon completion of the transaction, David Marco will continue as a meaningful investor in the business and will join Advancing Eyecare as co-chairman of the newly formed company and help advise the senior management teams.

Marco said, “With this strategic partnership we will be ideally positioned to maximize value for both our customer and employees. It allows for expanded service capability for Marco and greater technology offerings for Lombart. The combined entity enhances and accelerates our unique abilities to modernize and maximize efficiencies of the Eye Care platforms.”

Bryan Bevin, senior operating adviser to Atlantic Street Capital’s portfolio companies, will serve as co-chairman of the Advancing Eyecare board.

Advertisement

Both he and Marco will oversee the operating and strategic guidance of all Lombart assets in the medical eyecare marketplace in North America, including Lombart Instrument, Marco Ophthalmic, Enhanced Medical Services and INNOVA Medical Ophthalmics (Canada and Mexico).

Andy Wilkins, managing partner of Atlantic Street Capital, said, “Since our acquisition of Lombart in 2016, we have steadily built the business through organic growth, as well as expanded into Canada with the acquisition of INNOVA and enhanced our pre-owned ophthalmic business with the acquisition earlier this year of Enhanced Medical Services.  The addition of Marco is another significant investment to strengthen Lombart’s position as a key partner for its customers, further extending our ability to deliver a breadth of clinical solutions.”

Headlines

Eyewear Chain Launches Drive-Through Pickup Service

The company says the offering is ‘the first of its kind.’

mm

Published

on

My Eyelab, a chain of retail optical centers, has launched a drive-through service at one of its stores.

Customers of the store at 3170 Gulf Fwy S in League City, TX, will have “the option to pick up their eyewear purchases without getting out of their car,” according to a press release from the company.
My Eyelab states that the service is “the first of its kind.”

Customers will still be required to come into the store for their initial eye exam appointment, but will have this option when their order is ready for pickup, the company notes. Hours for the drive-through pickup lane are Monday through Saturday from 9 a.m. to 6:30 p.m. and Sunday from noon to 4:30 pm.

“The days of searching for parking or getting out of your car in extreme weather conditions in order to receive and fully enjoy your new eyewear are over!” said Daniel Stanton, CEO and founder of Stanton Optical and My Eyelab. “We are continuously looking for new ways to build on and improve the overall guest experience as well as increase the enjoyment of buying eyewear, so we are really excited to introduce this innovative concept.”

My Eyelab plans to launch an additional four locations throughout Texas with the drive-through pick-up service opportunity this summer.

Vision Precision Holdings, now known as Now Optics, whose retail divisions include Stanton Optical and My Eyelab, has a combined 140 corporate and franchise locations across the country.

Continue Reading

Headlines

EssilorLuxottica Begins CEO Search

The goal is to fill the job by the end of 2020.

mm

Published

on

The EssilorLuxottica nomination and compensation committee has retained two recruitment agencies to assist in finding candidates for the CEO role.

The mandate was given to Russell Reynolds Associates and Eric Salmon & Partners and includes evaluations of both internal and external candidates. Russell Reynolds Associates will coordinate the process.

The goal is to appoint a chief executive by the end of 2020, according to a press release from the company.

The future CEO will be agreed upon and proposed to the board of directors for joint appointment by both the executive chairman and the executive vice chairman and recommended by the nomination and compensation committee.

The selected candidate will initially be appointed as “directeur général délégué.”

The executive “shall be in charge of coordinating the activities of EssilorLuxottica as a pure holding and assisting the Executive Chairman and the Executive Vice-Chairman in their efforts to facilitate the integration of Essilor and Luxottica,” according to the release.

Essilor and Luxottica completed their merger in October. The organization has since been plagued by infighting among its leadership.

Media reports last month stated that the top shareholder of EssilorLuxottica had, through his holding company Delfin, asked for arbitration to address alleged violations of the merger agreement.

Continue Reading

Headlines

Vision Biotech Firm Changes Name

The company focuses on gene therapy.

mm

Published

on

Ophthotech Corp., a biotech company focused on diseases of the eye, announced that it is changing its name to IVERIC bio Inc.

The change is part of a “transition strategy to focus on discovering and developing novel gene therapy solutions to treat orphan inherited retinal diseases with unmet medical needs,” the company said in a press release.

The firm will trade on the Nasdaq Global Select Market under the new ticker symbol “ISEE.” Its new corporate website at www.ivericbio.com.

“We are excited about our re-branding and corporate name change reflecting our transition to a gene therapy focused company developing treatments for patients with orphan inherited retinal diseases,” stated Glenn P. Sblendorio, CEO and president of IVERIC bio. “We are executing a strategy that leverages our retinal expertise and provides a clear path forward with multiple orphan IRD gene therapy programs.

“We believe this is an important time for the Company as we advance our diversified pipeline of scientifically compelling gene therapy programs and explore new gene therapy opportunities for the treatment of orphan IRDs and generate value for our shareholders.”

Advertisement

Dr. Kourous A. Rezaei, chief medical officer of IVERIC bio,  said: “We believe that gene therapy is the ideal solution to treat patients with orphan inherited retinal diseases for which there are no treatment options available.

“Our goal is to partner with physicians to address this significant unmet medical need, prevent vision loss and transform the lives of our patients. We look forward to the exciting opportunities that lie ahead. Our clinical therapeutic programs continue to remain on track, with clinical data expected by the end of 2019 and 2020 for these programs. If data are positive for these programs, we may seek partnership opportunities for future clincal development.”

Continue Reading

Advertisement

Advertisement

Advertisement

Most Popular