M&A Deal Summary

Cornell Capital Acquires Advancing Eyecare

On May 9, 2022, private equity firm Cornell Capital acquired medical products company Advancing Eyecare from Atlantic Street Capital and Harvest Partners Structured Capital

Acquisition Highlights
  • This is Cornell Capital’s 1st transaction in the Medical Products sector.
  • This is Cornell Capital’s 12th transaction in the United States.
  • This is Cornell Capital’s 2nd transaction in Florida.

M&A Deal Summary

Date 2022-05-09
Target Advancing Eyecare
Sector Medical Products
Buyer(s) Cornell Capital
Sellers(s) Atlantic Street Capital
Harvest Partners Structured Capital
Deal Type Secondary Buyout
Advisor(s) Houlihan Lokey (Financial)
Kramer Levin Naftalis & Frankel (Legal)

Target

Advancing Eyecare

Jacksonville, Florida, United States
Advancing Eyecare is an operator of diagnostic ophthalmic equipment company established to offer the products and service solutions in the ophthalmic equipment industry. Advancing Eyecare was founded in 2019 and is based in Jacksonville, Florida.

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Buyer(S) 1

Buyer

Cornell Capital

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2013
PE ASSETS 6.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Cornell Capital is a private investment firm that seeks to partner with strong management teams to build businesses. Cornell Capital does not have any sector preferences and focuses on opportunities across the US. Cornell Capital was formed in 2013 and is based in New York City.


DEAL STATS #
Overall 14 of 17
Sector (Medical Products) 1 of 1
Type (Secondary Buyout) 4 of 6
State (Florida) 2 of 2
Country (United States) 12 of 14
Year (2022) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-29 Innovations in Nutrition + Wellness

Carrollton, Texas, United States

Innovations in Nutrition + Wellness is a provider of differentiated nutritional and wellness products across multiple form factors, serving on-trend specialty health, functional food, immunity support, digestive health, holistic health, fit & active lifestyle, skincare and pet care markets. Innovations in Nutrition + Wellness was founded in 2014 and is based in Carrollton, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-23 Advantek

Eden Prairie, Minnesota, United States

Advantek manufactures precision component packaging and delivery systems designed to transport and protect high-value semiconductor and electronic components during shipping and storage. Advantek was founded in 1978 and is based in Eden Prairie, Minnesota.

Buy -

Seller(S) 2

SELLER

Atlantic Street Capital

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2006
PE ASSETS 2.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Atlantic Street Capital is an operationally focused private equity firm that partners with entrepreneurs and management teams to create value. Atlantic Street looks to acquire profitable companies where it can invest $15 to $75 million per deal. Target industries include consumer products, services, manufacturing, distribution, retail, restaurant and healthcare. Atlantic Street prefers opportunities located in the US and Canada and will only consider control situations. Atlantic Street Capital was formed in 2006 and is based in Greenwich, Connecticut.


DEAL STATS #
Overall 7 of 9
Sector (Medical Products) 2 of 2
Type (Secondary Buyout) 5 of 6
State (Florida) 3 of 4
Country (United States) 7 of 9
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-21 ACIS Innovative Solutions

McKinney, Texas, United States

ACIS Innovative Solutions is a provider of HVAC and plumbing maintenance services, including equipment design and replacement, vibration and oil analysis, retrofits and building automation. ACIS Innovative Solutions was founded in 2002 and is based in McKinney, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-13 CyberGuard Compliance

Las Vegas, Nevada, United States

CyberGuard Compliance is a one-stop provider of non-discretionary IT compliance and cybersecurity solutions including SOC, HITRUST, and PCI audits, vulnerability assessments, penetration testing, and other compliance/cybersecurity services for companies ranging from small businesses to Fortune 500 companies. CyberGuard Compliance is based in Las Vegas, Nevada.

Buy -
DESCRIPTION

Harvest Partners Structured Capital is a private investment group focused on minority position, non-control investments. The Group looks for businesses with $100 million to $1 billion in revenues where Harvest can commit $50 to $250 million. Sectors of interest include business services, consumer services, healthcare, industrial services, manufacturing, and distribution. Harvest Partners Structured Capital is a unit of PE Firm Harvest Partners. The Firm is based in New York City.


DEAL STATS #
Overall 6 of 8
Sector (Medical Products) 1 of 1
Type (Secondary Buyout) 4 of 5
State (Florida) 1 of 1
Country (United States) 5 of 7
Year (2022) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-13 ReSource Pro

New York, New York, United States

ReSource Pro is a provider of outsourced business process management solutions within the property & casualty insurance market. The Company provides administrative services across the insurance policy lifecycle for brokers, managed general agents, carriers and third-party administrators. ReSource Pro was founded in 2003 and is based in New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-01 Acrisure

Grand Rapids, Michigan, United States

Acrisure is a retail insurance brokerage offering comprehensive risk management and consulting solutions, including property & casualty, employee benefits, human resource outsourcing, loss & claims management, surety bonding and personal lines coverage. Acrisure was founded in 2005 and is based in Grand Rapids, Michigan.

Sell -