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, and Marco Ophthalmic, an instrumentation supplier.
Terms of the deal were not disclosed.
Founded in 1967 and based in Jacksonville, Marco is a U.S. based supplier of diagnostic ophthalmic equipment, offering a complete suite of advanced technical and traditional classic lane products. Marco’s brand is well known for its focus on optimizing the refraction lane, a reputation that has allowed them to capture some of the largest institutional customers and buying groups in the industry.
“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,” Gordon Siteman, Chief Executive Officer of Lombart, said in a company news release. “When completed, the combined organization will deliver the best solution at the best price for every practice’s needs.”
The transaction is subject to customary closing conditions and is expected to be completed in the first quarter of 2019.
Upon completion of the transaction, David Marco will continue as an investor in the business and will join Advancing Eyecare as Co-Chairman of the newly formed company and help advise the senior management teams.
“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,” Mr. Marco said.