Dresner Partners Advises SVS Vision In Sale Of Company To Management Team
|Monday, March 19, 2007|
DRESNER PARTNERS ADVISES SVS VISION IN SALE OF COMPANY TO MANAGEMENT TEAM
CHICAGO – March 19, 2007 – Dresner Partners, a leading middle-market investment bank, announced today that it acted as the financial advisor to SVS Vision Holding Company (“SVS”) in its sale to Farstan Investment Corporation (“Farstan”). Farstan is a company formed by members of the SVS management team. Terms of the transaction were not disclosed.
“We see the acquisition of SVS Vision as an opportunity to accelerate the company’s growth and expand its integrated vision care service offering to a broader market,” said Dr. Robert G. Farrell, Jr., president of both SVS and Farstan. “We seek to develop new customer relationships with smaller employers and groups in our communities, as well as deepening relationships with key strategic partners in the healthcare and managed care fields.”
Kelvin Pennington, managing partner of SVS’s former controlling shareholder PENMAN Private Equity and Mezzanine Fund, L.P., added, “We are extremely pleased with the outcome of this transaction, and we look forward to Farstan’s success in continuing to build this outstanding company over the coming years. The Dresner team did an excellent job on this transaction, and we appreciate the efforts of Gregg Pollack, Steve Dresner and the other Dresner professionals who helped to bring this opportunity to fruition.”
Steven M. Dresner, president of Dresner Partners, said, “This transaction is the culmination of a process designed to achieve the long-term objectives of SVS’s shareholders, while meeting the needs of its other key constituencies, including customers and employees. We appreciate the opportunity to work with the owners and management of both SVS and Farstan, and we look forward to the continued success of the company under its new ownership.”
From entrepreneurs and generational family businesses to professionally managed corporations and institutional investors, Dresner Partners recognizes the unique requirements of individual business owners and has expertise in executing transactions to facilitate ownership transitions.
About SVS Vision Holding Company
SVS is an integrated provider of care benefit plans, optical examinations and retail eyecare products and services. The company offers its customers a range of vision care product plans. The company operates 52 offices strategically located in the Midwestern and Eastern United States, and manufactures eyeglasses at its centralized optical laboratory in Mt. Clemens, Michigan. Additional information regarding SVS can be found at www.svsvision.com.
About Farstan Investment Corporation
Farstan was formed by Dr. Robert G. Farrell, Jr. and Kenneth Stann to purchase SVS from its former shareholders. Dr. Farrell and Mr. Stann have extensive experience in the vision care field, including senior management positions with AVC Nuvision and SVS. Farstan is based in Mt. Clemens, Michigan.
About Dresner Partners
Dresner Partners is a NASD-registered, middle-market investment bank based in Chicago, Illinois. Founded in 1991, Dresner Partners provides financial advisory services to business owners and managers throughout the United States, including institutional private placements of debt and equity, merger & acquisition advisory, and valuation and strategic consulting. Its affiliate company, Dresner Corporate Services, is a strategic communications firm specializing in investor and public relations. More information is available via the Internet at www.dresnerpartners.com.
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David Gutierrez, Dresner Corporate Services, 312.780.7204, firstname.lastname@example.org