Press release, June 8, 2006
BERKSHIRE PARTNERS COMPLETES RECAPITALIZATION OF NATIONAL VISION
Boston, MA, June 8, 2006 -- Private equity firm Berkshire Partners LLC today announced the close of a $200 million recapitalization of National Vision, Inc. (the "Company"), a retail optical company.
"National Vision has exceeded the expectations we set with management nine months ago," said Lawrence S. Hamelsky, Managing Director at Berkshire Partners. "The recapitalization positions the Company well to pursue its goals, and to return the majority of our capital back to our investors. We are excited to sustain our partnership with management and to support National Vision's continued growth."
"We successfully completed the integration of America's Best Contacts & Eyeglasses at the end of last year and have spent most of this year focused on growing the combined Company," stated Reade Fahs, Chief Executive Officer of National Vision. "We are especially pleased by the quality of the people at America's Best and continue to be excited by the great potential for the business."
Berkshire Partners took National Vision private in September 2005. At that time, National Vision simultaneously acquired Consolidated Vision Group, a privately-held retailer of optical products and services which operates under the brand name "America's Best Contacts & Eyeglasses." Today, National Vision is the fourth largest optical retailer and the largest independent optical chain serving the low price segment of the market in the U.S.
The senior debt financing for the recapitalization was led by Bank of Ireland.
About National Vision, Inc.
National Vision, Inc., founded in 1990 and headquartered in Lawrenceville, Georgia, is the fourth largest optical retailer in the United States. National Vision operates 491 vision centers under several brand names, including America's Best Contacts & Eyeglasses and The Vision Center in selected Wal-Mart locations.
About Berkshire Partners
Berkshire Partners has invested in mid-sized private companies for the past twenty years through six investment funds with aggregate capital commitments of approximately $3.5 billion. The firm's investment strategy is to seek companies that have strong growth prospects and to partner with talented management teams who are interested in being owners of the companies they operate. Berkshire has developed specific industry experience in several areas including consumer products, industrial manufacturing, transportation, communications, business services, and retailing and related services. Berkshire has been an investor in over 85 operating companies with more than $14 billion of acquisition value and combined revenues in excess of $20 billion. Additional information may be found at www.berkshirepartners.com.