Cornell Capital LLC, a private equity firm based in New York and Hong Kong, has agreed to acquire Advancing Eyecare, a provider of ophthalmic instruments.
Financial terms of the purchase from Atlantic Street Capital were not disclosed. The transaction is subject to customary closing conditions and is expected to be completed in the second quarter of 2022.
Cornell will work with the current management team, led by CEO Brad Staley, Chief Financial Officer David Clay and Chief Strategy Officer David Spear, “to execute on a shared vision and build on the significant momentum and investments the Company has made in fostering a culture of authenticity, accountability, transparency and winning,” according to a Cornell press release.
“AEC’s broad portfolio of innovative products and world class service and tech support have positioned the Company as a leader in the attractive multi-billion-dollar ophthalmic products and services market,” said Stephen Trevor, Partner at Cornell Capital. “As the demand for eye care continues to drive market growth and the industry continues to transition toward more advanced technologies and digital capabilities, AEC is uniquely well suited to meet comprehensive customer needs as an end-to-end service provider. With its diversified business model, favorable industry dynamics, robust acquisition pipeline and talented management team, AEC embodies the type of business we strive to partner with at Cornell Capital and we look forward to supporting Brad and the entire AEC team in scaling and growing the business and improving patient outcomes.”
Brad Staley, CEO of Advancing Eyecare, said: “AEC’s trusted brands and broad portfolio of high-quality products and services have supported the daily operations and growth needs of our customers since our founding, and we are excited to take our company to new heights in partnership with Cornell. We look forward to leveraging Cornell’s expertise and our multi-channel platform and strong relationships to capitalize on organic and inorganic growth initiatives, accelerate the development of top-quality product and service offerings and unlock enhanced value for customers.”
Andy Wilkins, managing partner of Atlantic Street Capital, said, “Since forming the company we executed on our plan to develop a broad range of technology, products, and services whose combined scope and leading brands provide the highest level of eyecare for patients. We are proud to have played a role in further building the company’s leadership position. Advancing Eyecare has dramatically enhanced the services delivered to patients and we are very happy with our partnership with Brad and his team.”
Advancing Eyecare’s brands Lombart Instrument, Marco Ophthalmic, INNOVA Medical, S4Optik and Santinelli International.