Optical Services

OPTICAL MANUFACTURING

Wholesale Optical Laboratories : HPC Puckett created its Optical Manufacturing division subsequent to representing Duffens Optical, Inc. in its July,1996 merger with Essilor International, S.A. Responding to the needs of the optical industry, with specific emphasis in the wholesale optical laboratory sector, HPC Puckett has completed over $700 million in wholesale optical laboratory merger and acquisition transactions. HPC Puckett has handled and continues to handle over 85% of all mergers and acquisitions in the industry.

Along with its other industry transactions, HPC represented a core group of ten laboratories in sales to Optical Resources Group, Inc. commencing with the sales of Benedict Optical, Inc and Sierra Optical, Inc. in June, 1998. The Firm was instrumental in the valuation procedures, the structure of convertible debentures and the integration of operations by Optical Resources; while at all times maximizing its client’s interests. In March, 2000 HPC Puckett then represented Optical Resources in its $150 million merger with HOYA Optical laboratories, Inc.

HPC Puckett is the only investment banking firm serving the financial advisory, merger, and acquisition needs of wholesale optical manufacturing laboratories in the United States or Mexico. In coordinating the rapidly increasing number of consolidations within the industry, HPC Puckett has, from the onset of the consolidation of the industry, been the catalyst for:

• Establishing the formulas for valuation of optical laboratories

• Setting the foundation for acquisition procedures

• Establishing reasonable guidelines for documentation criteria

• Establishing accounting procedures and balancing industry norms with GAAP accounting

• Creating deferred acquisition concepts and “Partner Lab” structures

At HPC Puckett & Company we believe every client is our most important. In that end, and recognizing that all transactions are unique, HPC Puckett approaches each new engagement with the following approach:

• Evaluate and understand the needs of the client, their family, their employees and their business

• Organize the financial, technical, legal and operations information in order to evaluate the business

• Value the optical laboratory business using established valuation procedures, developed by our Firm

• Develop alternative choices for the client and prepare a business plan that meets the client’s needs

• Prepare a confidential offering Memorandum, where a sale or merger is the goal

• Identify qualified prospective acquisition, merger or investment candidates

• Negotiate the terms of a transaction and assist in documenting the same

• Negotiate and assist in drafting of definitive documents, prepare closing schedules, coordinate with       and assist outside legal and financial representatives, assist in obtaining third party consents and coordinate all closing procedures.

• Bringing added value to every transaction and acting our client’s equalizer to the specialized acquisition departments of the consolidators.

HPC Puckett continues to be committed to independently owned wholesale optical laboratories. This commitment is evidenced by the Firm’s continued involvement in:

• Active participation in the Optical Laboratories Association, as an Associate member

• Participation in numerous speaking engagements / panels at the OLA

• Formation and continued involvement in The Optical Pioneers program

• Participation on the OLA Advisory Board

• Monitoring and advising dozens of independently owned laboratories on a continuous basis

• Promoting and advocating independent laboratory rights and issues

RELATED OPTICAL: As companies within the optical industry continue to consolidate, HPC Puckett coordinates the Firm’s knowledge gained from its past experiences in the optical-related business’, including:

• Companies specializing in Anti-Reflective coating of optical lens product

• Retail  optical business’ and operations

• Lens Manufacturing companies

• Optical equipment suppliers and manufacturers

• Contact lens manufacturing and distribution

• Programming, operating systems and other service providers to the industry

The Firm provides these sectors with detailed financial analysis, strategic planning, valuation analysis, as well as assistance in document preparation and closing procedures, as needed, for a successful transaction. Our reputation for honesty, service and reliability is a standard for all segments of the industry; and the relationships within the industry provide for a successful formula for integration of sectors.

HPC Puckett, however, is committed to representing only the sell side in mergers and acquisitions of laboratories and as such is not available to represent consolidators in a purchaser representation of wholesale optical laboratories.