Vision-Ease Lens, which manufactures the Coppertone brand of sunglass lenses at its headquarters complex in Anoka County, has been acquired by Wind Point Partners, a Chicago private equity investment firm.
Terms were not disclosed.
Vision-Ease has been a growth story since it was acquired a decade ago out of the bankruptcy of its former parent, BMC Industries, by Texas-based Insight Equity and Rosewood Capital. BMC was brought down by the collapse of its TV-screen business.
"Insight and Rosewood specialize in turnarounds and they were good owners," said Vision-Ease CEO Doug Hepper, a 12-year veteran of the company. "The company has grown and prospered. Wind Point looks to buy companies and grow them organically and through acquisitions. That's very much a part of the strategy. We expect to accelerate growth."
Vision-Ease expects to be profitable this year on a 10 percent sales increase. Revenue is estimated at $125 million.
"Vision-Ease Lens is a strong investment for our firm because of its long-standing stability and position as a market leader in value-added ophthalmic lenses, as well as the breadth of its products and strong brand reputation," Nathan Brown, a managing director at Wind Point Partners, said in a statement. "We will contribute expertise and resources to build on these core strengths with increased internal investment and acquisitions."
Vision-Ease, whose largest customers are Lenscrafters and Wal-Mart, makes the LifeRx and ChangeRx light-responsive lenses, as well as SunRx and Coppertone polarized lenses. It sells products through thousands of wholesale labs, eye doctor offices and retail chains around the globe.
Coppertone-branded sunglasses, one of Vision-Ease's most lucrative lens products, are made under contract for the consumer products group of drugmaker Merck.
