Charlesbank and HIG’s stake in Vision Source was acquired as part of their purchase of Minneapolis-based TLC Vision in May 2010.
Charlesbank said that the disposition is in line with its strategy outlined along with HIG to streamline TLC’s operations and focus on its core ophthalmology businesses.
Vision Source is an independent optometric franchising organization in North America, with a network of over 2,300 franchises across all 50 US states and Canada, comprising more than 4,500 optometrists.
Sponsored by Charlesbank and HIG, parent company TLC Vision exited Chapter 11 bankruptcy protection in May 2010, after five months of restructuring. TLC emerged a newly reorganized, private company with its balance sheet deleveraged, its debt repaid in full and significant capital made available for future expansion.
Vision Source CEO Glenn Ellisor said that throughout this process, Charlesbank and HIG encouraged the management team to continue operations in a manner consistent with past practices, which allowed for a seamless transition for the company and its franchisees.
Charlesbank managing director Brandon White said that this sale further strengthens TLC’s financial condition, returns significant proceeds to Charlesbank and HIG, and positions TLC to continue its rapid growth.
Terms of the transaction were not disclosed.
