BUSINESS Cornell Capital to Acquire Advancing Eyecare By Staff Monday, May 9, 2022 12:00 PM NEW YORK and JACKSONVILLE, Fla.—Cornell Capital LLC, a private equity firm based in New York and Hong Kong, announced that it has entered into an agreement to acquire Advancing Eyecare, a leading, North America-based provider of ophthalmic instruments, from Atlantic Street Capital. Terms of the transaction were not disclosed. Headquartered in Jacksonville, Florida, and comprising seven market-leading brands in eyecare instrumentation, Advancing Eyecare offers a one-stop solution for ophthalmic equipment and servicing needs to a diversified base of customers, ranging from independent eyecare practitioners to national chains, hospitals, teaching institutions and others.Its brand portfolio is currently comprised of Lombart Instrument, Marco Ophthalmic, Innova Medical, S4Optik, Santinelli International and other leading brands.In a statement issued today, Cornell Capital said it has “extensive experience partnering with strong management teams to drive growth, scale infrastructure and capitalize on opportunities across new markets. The firm said it intends to work closely with Advancing Eyecare’s current management team, led by chief executive officer Brad Staley, chief financial officer David Clay and chief strategy officer David Spear, to execute on “a shared vision and build on the significant momentum and investments the company has made in fostering a culture of authenticity, accountability, transparency and winning.”Commenting on the acquisition, Stephen Trevor, partner at Cornell Capital, remarked, “AEC’s broad portfolio of innovative products and world class service and tech support have positioned the company as a leader in the attractive multibillion dollar ophthalmic products and services market. As the demand for eyecare continues to drive market growth and the industry continues to transition toward more advanced technologies and digital capabilities, AEC is uniquely well suited to meet comprehensive customer needs as an end-to-end service provider."With its diversified business model, favorable industry dynamics, robust acquisition pipeline and talented management team, AEC embodies the type of business we strive to partner with at Cornell Capital and we look forward to supporting Brad and the entire AEC team in scaling and growing the business and improving patient outcomes,” Trevor said.Advancing Eyecare CEO Brad Staley commented, “AEC’s trusted brands and broad portfolio of high-quality products and services have supported the daily operations and growth needs of our customers since our founding, and we are excited to take our company to new heights in partnership with Cornell. We look forward to leveraging Cornell’s expertise and our multi-channel platform and strong relationships to capitalize on organic and inorganic growth initiatives, accelerate the development of top quality product and service offerings and unlock enhanced value for customers.”CapM Advisors served as financial advisor to Cornell Capital and Weil, Gotshal & Manges LLP served as legal advisor. Houlihan Lokey served as financial advisor to Advancing Eyecare and Kramer Levin Naftalis & Frankel LLP served as legal advisor. UBS Investment Bank, Jefferies and Golub Capital are acting as joint lead arrangers for the transaction, with UBS Investment Bank as left lead arranger.