BVI announced its recent completion of the acquisition of Benz Research & Development and its customized contact lens subsidiary, SpecialEyes, both based in Sarasota, Florida.
Terms of the deal were not disclosed.
The Benz portfolio of performance materials in both IOL and contact lens manufacturing complements BVI’s leading portfolio of IOLs under the PhysIOL brand, including the world’s first trifocal lens FineVision, according to a company news release. Benz is a supplier of raw materials for IOL production. To date, Benz material has been used in 50+ million implants worldwide and Benz will continue to supply its materials to its customers following this deal.
“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,” Shervin Korangy, President and CEO of BVI, said in a company news release. “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. Under current leadership, BVI continues to establish itself as the partner of choice for surgeons and healthcare facilities globally.
“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.”