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 to independent eyecare practitioners, national chains, hospitals, teaching institutions and others, from Atlantic Street Capital.

Advancing Eyecare is headquartered in Jacksonville, FL, and comprised of market-leading brands in eyecare instrumentation, including Lobart Instrument, Marco Ophthalmic, S4Optik and Innova Medical one of Canada’s most enduring companies in the ophthalmic equipment space.

Atlantic Street Capital, formed Advancing Eyecare Holdings with the partnership of its portfolio companies Lombart Instrument (Lombart), and Marco Ophthalmic Inc (Marco) in 2019. At the time of formation, INNOVA had already been part of the Advancing Eyecare group.

INNOVA Medical Ophthalmics has been supplying the Canadian ophthalmic community with a comprehensive line of diagnostic instruments, supplies, and support through factory-trained technicians and customer service representatives for over 30 years. They have facilities in Toronto and the Montreal area.  INNOVA represents several well-known brands in the Canadian equipment and diagnostic equipment markets, including Nidek, REICHERT, HAAG-STREIT and others.

The new owner indicated that they will 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.

David Spear doesn’t anticipate any changes  in the near term but sees benefits over time.  “We  are collectively excited to have a new partner in Cornell Capital, who is aligned with our vision to continue to invest behind and develop our company, adding exciting new products and service capabilities, all in support of our mission of continuing to help our practice partners be successful and deliver better outcomes for Canadians and indeed patients worldwide”,  Spear told EyeCareBusiness Canada.

Terms of the transaction were not disclosed.