Wind Point Partners announces sale of Performance Optics, LLC to HOYA Corporation
Chicago, IL, August 2, 2017 — Wind Point Partners (Wind Point), a Chicago-based private equity investment firm, announced today that it has sold portfolio company Performance Optics, LLC (Performance Optics), including its subsidiaries VISION EASE and Daemyung Optical Co. Ltd. (DMO), to HOYA Corporation. Performance Optics is a global ophthalmic lens manufacturer specializing in polycarbonate, photochromic, polarized, and high index eyeglass lenses.
Wind Point acquired VISION EASE in September 2014 and brought in industry executive John Weber as CEO in November 2014. Prior to VISION EASE, John had a nine year career at CooperVision, most recently serving as President. Joining VISION EASE and John on the senior management team were Brad Staley as COO and Kevin McMenimen as CFO. In October 2015, VISION EASE expanded its product portfolio and distribution capabilities with the acquisition of DMO, a leading optical lens manufacturer with facilities in South Korea and China.
“Performance Optics is a great example of Wind Point’s strategy of partnering with a CEO, working with the CEO to build a top-caliber management team, and working closely with that team to transform the business,” said Nathan Brown, a Managing Director at Wind Point. “Over the past two and a half years, John and his team have executed an aggressive value creation plan that roughly doubled the size of the business and dramatically improved the company’s competitive position. We would not have been able to execute the transformation without the support of Constitution Capital Partners, who were co-investors and served on the board of Performance Optics.”
“Wind Point was a great partner who supported our efforts to expand our product line, enter new markets, and invest in our global manufacturing footprint,” stated John Weber, CEO of Performance Optics. “In particular, Wind Point gave us the capability to make the strategic acquisition of DMO, which gave us new products for the North American market as well as manufacturing in South Korea and China. The team also appreciates the support of Bruce Carbonari, Wind Point Executive Advisor Partner and former CEO of Fortune Brands, who served as a trusted advisor and lead director of the board.”
DLA Piper acted as the legal advisor to Wind Point.