Vermont Business Magazine ASGARD Partners & Co, a private equity firm based in New York, and Merit Capital Partners, a private equity firm based in Chicago, have partnered to acquire the eyewear business of Vermont-based Revision Military Limited, the world leader in protective eyewear solutions for military and tactical use. The transaction includes the sale of the protective eyewear product line, the world-renowned Revision name and branding, the Essex, Vermont, 53,000-square-foot manufacturing operation, and team of 130 employees.
The Revision plant in Essex. Courtesy photos.
Under the guidance of ASGARD, the newly separated Revision eyewear business will continue day-to-day operations with its key management and existing manufacturing team. Terms of the deal were not disclosed. It was announced Tuesday.
Begun in Quebec with manufacturing established in Essex, Revision was founded as an eyewear company in 2001, and quickly became one of the primary suppliers of protective eyewear to military forces around the globe, including the US Army, British Army, German and Swiss Armed Forces. Over the past decade, the company has invested in advanced technology and equipment in the areas of materials, coatings and dyes to improve performance and become the leader in ballistic laser protective solutions.
Revision subsequently acquired MSA's North American ballistic helmet business in 2012, which included the manufacturing equipment and operations located in Newport.
Revision said that with the sale of the eyewear business that the military/police helmet operation will be renamed and operate as a separate entity.
ASGARD and Merit’s investment in Revision provides the company with valuable strategic guidance and meaningful growth capital, reinforcing and expanding its capabilities to pursue new growth opportunities and support the needs of existing customers.
Congressman Welch, Senator Leahy and Governor Scott in Newport in 2017.
“This divestiture supports our strategy to sharpen our portfolio and fund expanded capabilities and growth initiatives around enhanced warfighter survivability and lethality,” said Revision CEO, Jonathan Blanshay.
“Revision has long been an industry leader in protective eyewear solutions, saving the lives and eyesight of millions of servicemen and women around the globe. We are excited to work with the passionate and talented Revision team to pursue growth in new markets and develop the next-generation of eyewear technology. With a renewed focus on protective eyewear and dedicated capital resources, we believe Revision is well-positioned for growth in the years to come,” said Karan Rai, Founder and Managing Partner of ASGARD.
Ben Yarbrough, a Managing Director at Merit, said, “Revision represents a great opportunity for growth and expansion in this market. We are proud to partner with the ASGARD team, who knows the military personal protective equipment market exceptionally well and brings a focused strategic and operational vision to the Company.”
“Revision eyewear has become the world-wide leader in military eye protection, and is a valuable and recognized industry brand,” said Blanshay. “As a stand-alone business with the support and direction of ASGARD Partners & Co., Revision eyewear will be in a better position to pursue strategic growth opportunities.”
Revision helmet and glasses in operation in Afghanistan.
Blanshay said, “We recognize that the divestiture of a core business is a complex process, and want to assure our partners and stakeholders that it is a priority for us to move through this transition as swiftly and smoothly as possible. Our dedicated team remains committed and available in order to maintain business as usual throughout this period. We are incredibly excited to re-launch shortly with a new company name and look forward to the opportunity to build a world-class brand focused on our active, integrated head-borne and torso systems, power management and communication solutions.”
ABOUT ASGARD
ASGARD Partners & Co. is a private equity firm based in New York that primarily invests in founder, family, and management-owned companies with defensible value propositions and strong growth prospects. ASGARD predominantly focuses on manufacturing, services and distribution businesses, with ties to defense, government or aerospace markets, located in North America. The partners at ASGARD form a cohesive team, with decades of investing and operating experience, well‐suited to drive value and assist companies with transformational change. The firm invests in all forms of corporate divestitures, management buyouts, recapitalizations, generational ownership transitions, and going-private transactions ASGARD believes business is a powerful platform that can change the world for the better and is committed to serving entrepreneurs, companies, and investors that share this belief. For more information about the firm, please visit https://asgardpartners.com.
Revision eyewear manufacturing plant in Essex, Vermont.
ABOUT MERIT CAPITAL PARTNERS
Headquartered in Chicago, Merit Capital Partners has raised over $2.2 billion of capital since 1993 through six institutionally sponsored limited partnerships. Merit invests both equity and mezzanine capital in middle-market companies. For more information on Merit Capital Partners, please visit www.meritcapital.com.
ABOUT REVISION
Revision develops and delivers purpose-built eye protection for military and tactical use worldwide. Revision specializes in integration for the optimum and necessary balance of protection and performance. To that end, Revision brings together the most advanced expertise, state-of-the-art technology, and finest technical minds. The Company is headquartered in Essex Junction, Vermont, USA. For more information, visit www.revisionmilitary.com
Source: Montreal, Quebec, Canada (October 1st, 2019) Revision. NEW YORK (October 1, 2019) – ASGARD Partners & Co