Highmark Health Services announced today that Italy-based Marcolin SpA will be acquiring Viva Optique Inc., which is also known as Viva International.
Terms were not disclosed, but according to a news release the acquisition is subject to satisfaction of customary closing conditions (including required domestic and international governmental approvals) and is expected to become effective in the next few months.
Viva Optique Inc. is held by HVHC Inc., a Highmark for-profit holding company that also has Visionworks of America Inc. and Davis Vision Inc. Together the vertically integrated company is the third-largest provider of managed vision care products and services, and the third-largest operator of specialty optical retail stores, in the United States.
Marcolin was founded in 1961 and had approximately $282 million in sales in 2012. It is backed by leading European private equity firm PAI Partners, which acquired a majority shareholding in the company in December 2012, and has extensive experience in the consumer sector.
“We are very pleased to announce the acquisition of Viva International. The combination of the two companies will deliver significant extra value for our customers and brands, creating a truly global player in the industry as we look to expand our footprint with the support of PAI Partners,” said Giovanni Zoppas, CEO of Marcolin.
David Holmberg, HVHC’s president and CEO said, “We are very excited about the possibilities that this acquisition will bring to Viva’s customers and we look forward to developing a strong, strategic business relationship with Marcolin.”
HVHC was advised in this transaction by Sonenshine Partners; Marcolin was advised by Lazard and Goldman Sachs.