FORT LAUDERDALE, Fla.—Hammond, Kennedy, Whitney Company Inc. (HKW), a private equity firm with offices in Indianapolis and New York, has acquired Allied Vision Group, an independent distributor of contact lenses, optical products and pet medications, according to a joint announcement earlier this week. The transaction enables Allied Vision, which is based here, to “transition its ownership to a new generation of leaders and to fund its growth,” according to the announcement. Financial terms of the deal were not reported.
Allied Vision was co-founded in 1989 by Bob Tardell and Jules Saland and is one of the largest independent distributors of contact lenses, with its wholesale business covering a broad network of optical retailers and practitioners, the announcement noted.
“We are extremely pleased to have worked with John Fang and James Lee of Parcrest Advisors in completing this momentous transaction,” Tardell said in the announcement. “Parcrest’s principals combined their deep knowledge of the optical, health care and distribution industries with inexhaustible passion and creativity to help us find the right partner in HKW.”
Parcrest Advisors of New York City acted as the investment banking advisor to Allied Vision. Vedder Price PC, led by Denise Tormey, served as lead counsel for the distributor.
Upon closing of the transaction, Harvey Berkowitz, a longtime president of Allied Vision, was named as the new chief executive officer of the company.
“Our sustained operational efforts combined with Parcrest’s excellent advisory work helped us find the best MA solution,” Berkowitz said. “We believe that HKW is the best firm to take us to the next level of growth, with more than a century of excellence and significant health care expertise.”
John Carsello, a partner at HKW, said the investment firm is “excited to partner with Harvey, Bob and the entire [Allied Vision Group] team as they continue to service the growing online and health care practitioner market.”