Refac Optical Group has been purchased by ACON investments from a subsidiary of Palisade Capital Management.
The purchase included the New Jersey-based U.S. Vision, Refac Optical Group’s primary working subsidiary. Founded in 1967, U.S. Vision is an in-host optical retailer with more than 700 optical centers, including Sears, JCPenney, Boscov, Macy, BJ, Kmart and The Bay, which offer a wide selection of private label and designer brands prescription eyewear, sunglasses, ready-made readers, contact lenses and accessories.
The purchase of Refac Optical Group was made from Palisade Concentrated Equity Partnership, a subsidiary of Palisade Capital Management. It will be operated by the present management team led by David Pierson, the CEO and William Schwartz, the President of U.S. Vision.
Expressing delight in partnering with the management team of U.S Vision, the Founding Partner of ACON, Ken R. Brotman stated that the U.S. Vision has built a strong base and demonstrated great performance, which will prove beneficial to the customers as well.
Though the terms of the purchase remain undisclosed, financing was provided by Fifth Street Finance Corporation. William Susman had advised ACON investments while Oppenheimer advised Refac Optical Group.