Blue Point Capital Partners has announced the acquisition of California's LBI Eyewear's cases and accessories division as an add-on to its Hilco Vision portfolio company.
Terms of the transaction, which marks the sixth tuck-in deal for Hilco since it was acquired in May 2014, were not disclosed.
LBI is a family-owned company founded in 1949 with additional operations in Las Vegas. It's billed as one of the first eyewear companies to import European styles in North America, building its brand around fashionable frames, cases and accessories.
With six add-ons made so far, Blue Point has aggressively targeted growth for the Hilco platform by expanding the company's geographic reach and product set. Hilco's parent company, The Hilsinger Co., is based in Plainville, Mass., with additional operations in Canada, China, Europe and Australia.
"We have long been impressed by LBI's capabilities and loyal customer base built for its cases and accessories programs," said Hilco CEO Ross Brownlee in a statement. "The consumer accessories category is increasingly important to Hilco Vision as we seek to simplify the buying experience for our customers. We are excited to expand LBI's reach and leverage our digital capabilities to enhance the customer experience."
Blue Point principal Jonathan Pressnell said the acquisition boosts Hilco's product offerings.
"We strongly believe that partnering with Hilco Vision will bring a significant value proposition to our customers and strengthen what we have built over the last 68 years," said Chett Lehrer, co-owner of LBI Eyewear, in a news release "We pride ourselves on an exceptional product and customer focus, and Hilco Vision will help to continue that mission."
Blue Point, which manages more than $825 million in committed capital, generally invests in manufacturing, distribution and service businesses generating between $20 million and $300 million in revenue. The firm is currently investing out of Blue Point Capital Partners III L.P., a $425 million fund that closed in October 2014.