U.S.-based polycarbonate lens manufacturer Vision Ease said Nov. 4 it bought a South Korean plastic lens maker, Daemyung Optical Co. Ltd., expanding its product mix and boosting its distribution channels in “high growth” markets in Asia.
The deal roughly doubles the size of Vision Ease, and is the first acquisition for the Ramsey, Minn.-based company since it was purchased last year by private equity firm Wind Point Partners.
Vision Ease has injection molding plants in Ramsey and in Jakarta, Indonesia, both manufacturing the polycarbonate lenses, and a facility outside Bangkok using a cast process to make lenses from other plastic materials.
DMO's production and marketing is focused in Asia, with two factories in South Korea and one in Hangzhou, China, all generally focused on the cast manufacturing process for plastic lenses. It's the second-largest optical lens maker in South Korea.
“DMO is a leader in high-quality cast lenses, which complements Vision Ease's strength in polycarbonate lens manufacturing,” said Vision Ease CEO John Weber, in a statement.
Terms of the deal were not disclosed but prior to the acquisition, each company had about 1,000 employees, said Jay Lusignan, marketing and communications manager for Vision Ease.
The deal also expands DMO's sales into Vision Ease's distribution channels in North and South America.
Wind Point bought Vision Ease in September 2014 from another private equity firm, Insight Equity Holdings LLC of Southlake, Texas.
Wind Point signaled that more acquisitions are likely.
“We look forward to continuing to grow Vision Ease's business and capabilities through strategic acquisitions and the addition of new markets, and providing long-term leadership for DMO,” Matt Moran, Wind Point vice president.