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.
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.
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.”