Occasionally a deal will pop up that shows there’s still some life in the private equity world.
Such a deal emerged last week when National Vision Inc. of Lawrenceville, Ga. acquired Eyeglass World for undisclosed terms. Both companies are owned by Boston-based private equity funds—Berkshire Partners LLC owns National Vision; Eyeglass World is a portfolio company of Summit Partners.
What few private equity deals that are getting closed these days typically do not involve funds acquiring new companies, said Kilpatrick Stockton partner David Stockton, lead corporate counsel to National Vision.
“Funds are trying to support their portfolio companies that are doing well,” Stockton said. “National Vision … their business is doing fairly well.”
By acquiring Lake Worth, Fla.-based Eyeglass World, National Vision is furthering its expansion outside Wal-Mart stores. More than 200 of National Vision’s stores are called Vision Center and are located inside a Wal-Mart. Eyeglass World operates 64 stores, all of which are freestanding.
Kilpatrick partner David Eaton, associate Lance McCord and senior attorney Chuck Rice worked with Stockton. Weil, Gotshal & Manges advised Summit Partners.