Expands National Footprint in Ophthalmic Instrumentation and Further Strengthens Offerings to Vision Care Providers
Jacksonville, Florida, November 11, 2022 – Advancing Eyecare (“AEC”), North America’s leading provider of ophthalmic instruments, today announced the acquisition of Veatch Ophthalmic Instruments (“Veatch”), a leading U.S. distributor of ophthalmic equipment. Financial terms of the transaction were not disclosed.
Headquartered in Tempe, Arizona, Veatch has a more than 30-year history of distributing ophthalmic technology to vision care providers throughout the United States. With a shared commitment to best-in-class customer support, Veatch and AEC will expand product and service offerings to their combined customers and capitalize on synergistic growth opportunities.
Headquartered in Jacksonville, Florida, AEC has seven market-leading brands in eyecare instrumentation and offers a one-stop solution for ophthalmic equipment and services to a diversified customer base that includes independent eye care practitioners, national chains, hospitals and teaching institutions. Led by an experienced leadership team with deep industry expertise, AEC has the largest and most experienced technical sales force and equipment service team in the industry to fully support customers in operating a vision care practice.
In 2022, AEC partnered with Cornell Capital, a U.S.-based private investment firm, to drive growth, expand the company’s reach and further enhance AEC’s ability to provide high-quality, innovative products and services to a growing customer base. The addition of Veatch strengthens AEC’s leadership in eyecare instrumentation.
Brad Staley, Chief Executive Officer of AEC, said, “As we continually evaluate opportunities to scale our business and enhance how we serve customers, we are thrilled to welcome Veatch Ophthalmic Instruments to the AEC family of brands. Veatch has built a tremendous reputation over the last 30 years, centered around a commitment to customer satisfaction and improvement of patient outcomes. Their product and service offerings, complemented by a service-oriented team, make them a natural partner to add to AEC.”
“We are excited to partner with Advancing Eyecare to further broaden our product portfolio and expand our reach as part of a larger company,” said Kyna Veatch, President of Veatch. “We believe our unique approach will help strengthen our combined brands and create significant value for our customers and the patients they serve. We look forward to working with the talented AEC team, who shares our customer-first mindset, in delivering the highest standard of service and ophthalmic technology across the U.S.”
Visit www.advancingeyecare.com for more information.
About Advancing Eyecare
Advancing Eyecare™ is the leading provider in the eyecare instrumentation marketplace established to offer the best products and service solutions in the ophthalmic equipment industry. Currently comprised of Lombart Instrument, Marco Ophthalmic, INNOVA Medical, S4Optik, Santinelli International, and other leading brands, the combined scope of the organization has the broadest product portfolio, the most knowledgeable people, and the most reliable service in the industry. For more information, visit www.advancingeyecare.com.
About Veatch Ophthalmic Instruments
Founded in 1988, Veatch Ophthalmic Instruments has been an integral part of the ophthalmic community with a rich history and an exciting future. Veatch has gained a reputation for outstanding service and commitment to customer satisfaction to ophthalmic professionals nationwide for over 30 years. For more information, visit www.veatchinstruments.com.
About Cornell Capital
Cornell Capital LLC is a U.S.-based private investment firm with ~$6 billion of AUM and offices in New York and Hong Kong. Leveraging decades of global investment experience, the firm takes a disciplined approach to investing across the consumer, financial services, and industrials/business services sectors, often in companies that can benefit from the firm’s Asia presence and cross-border expertise. Founded in 2013 by Senior Partner Henry Cornell, the former Vice Chairman of Goldman Sachs’ Merchant Banking Division, the firm is led by a highly seasoned team with significant shared investment experience. For more information, visit www.cornellcapllc.com.
Kristen Tischler – Vice President, Global Marketing
Jon Keehner / Kate Thompson / Woomi Yun
Joele Frank, Wilkinson Brimmer Katcher