The transaction includes the purchase of Refac Optical Group’s main operating subsidiary, US Vision. Headquartered in Glendora, New Jersey, US Vision, is a in-host optical retailer with over 700 optical centers under a variety of brands including JCPenney, BJ’s, Sears, Boscov’s, Macy’s, The Bay and Kmart.
These licensed departments are full-service retail vision centers that offer an extensive selection of designer brands and private label prescription eyewear, contact lenses, sunglasses, ready-made readers and accessories.
Palisade Capital Management will retain a minority stake in the Refac Optical Group. The company will continue to be operated by its current management team, which is led by CEO David Pierson and US vision president William Schwartz.
As part of the transaction, management has taken an ownership position in the company.
ACON founding partner Ken Brotman said the company has demonstrated solid performance through its long-tenured relationships with its host partners and has built a solid foundation, which will ensure US Vision’s continued success.
"Consumers value the convenience of all-in-one optical care at locations where they regularly shop and we see continued opportunity to expand this concept," Brotman said.
Terms of the transaction were not disclosed.
