News
PNC Equity Partners, L.P. Acquires The Hilsinger Company
PNC Equity Partners, L.P., a private equity fund managed by an affiliate of The PNC Financial Services Group, Inc., announced today the acquisition of Hilsinger Holdings, Inc. Headquartered in Plainville, Mass., Hilsinger is a leading provider of eyewear and eye care accessory products and supplies in the U.S. and Western Europe. PNC Equity invested $24.4 million of equity to finance the transaction and is the Company’s largest shareholder. Senior debt was provided by GE Antares and Merrill Lynch Capital and subordinated debt was provided by Audax Mezzanine and New York Life Capital Partners.
Founded in 1956, Hilsinger offers the industry’s broadest line of optical and ophthalmic products with over 20,000 products that are primarily sold under the Hilco, Shield, Leader, and RxSports brand names. The Company’s product portfolio is divided into four main segments: (i) consumer eyewear products; (ii) consumer optical accessories; (iii) professional optical products; and (iv) ophthalmic products. Hilsinger sells its products to over 25,000 active accounts in North America and Western Europe, which include numerous independent opticians, optometrists and ophthalmologists, optical chains, independent distributors, mass merchants and other retailers.
"Hilsinger fits squarely into PNC Equity Partners’ value-added distribution investment initiatives and the company is clearly a leader in each of its market segments. There are few companies in this sector that can match the breadth of Hilsinger's product offering, the depth of its sourcing capabilities and the quality and uniqueness of its products," said Wali Bacdayan, Managing Director, PNC Equity Partners. “We are confident in the company's opportunities for additional growth and enthusiastic about partnering with a high quality management team.”
"We look forward to working with PNC Equity Partners as we position the company for its next phase of growth," said Bob Nahmias, Chief Executive Officer, Hilsinger. “With PNC Equity Partners’ expertise and support, we expect to continue developing our proven business model, making accretive acquisitions where appropriate, to satisfy more of our customers' needs.”
Within PNC Equity Partners, the transaction was sourced and led by Wali Bacdayan, Jonathan Lewis and Michael Rost. PNC Equity Partners will be represented on the Company’s Board of Directors by Wali Bacdayan, David Hillman and Jonathan Lewis.
Based in Pittsburgh, Pennsylvania, PNC Equity Partners (www.pncequity.com) specializes in making private equity investments of $10 million to $30 million in leveraged buyouts, recapitalizations and large minority financings of middle market companies. PNC Equity Partners focuses on equity investments in middle market companies with enterprise values between $25 million and $125 million and traditionally targets companies that operate in the niche manufacturing, value-added distribution, and outsourced services industries.
