Lombart Instrument, a portfolio company of Atlantic Street Capital, has acquired INNOVA Medical Ophthalmics. Financial terms were not disclosed.
Atlantic Street Capital invests in middle market companies with between $4 million and $12 million in EBITDA.
Founded in 1986, INNOVA is the largest independent, value-added distributor of ophthalmic instruments in Canada. The company markets and sells ophthalmic instruments, provides customer consultation services, and offers installation and maintenance/repair services to ophthalmologists and optometrists primarily in Canada, with sales into the U.S., Mexico and abroad.
“INNOVA is well-regarded in the industry for its basic exam room equipment and technical diagnostic instrument offerings, large customer base and unsurpassed technical service. INNOVA has been particularly successful in setting up the infrastructure to sell more advanced products that allow our customers to provide superior levels of patient care. We’re excited to bring this expertise into the U.S. to give our salespeople the training, marketing and clinical support to strengthen our product sales and technical service throughout North America,” said Andy Wilkins, Managing Partner of Atlantic Street Capital.
“Lombart represents an ideal fit for our company and positions our combined business as the market leading value-added supplier for ophthalmic equipment in North America,” said David Spear, CEO of INNOVA. “We see enormous opportunity to continue organic growth and expand our combined firm’s complementary product offerings into adjacent eye care-specific sectors bringing a higher level of support and service to our customers and better representation to our vendor partners.”
photo credit: INNOVA