BVI, an Ophthalmic Device Manufacturer, Acquires IOL and Contact Lens Material Maker, Benz

WALTHAM, Mass.—BVI, an ophthalmic medical device maker based here, has completed its acquisition of Benz Research & Development and its customized contact lens subsidiary, SpecialEyes, both based in Sarasota, Fla. The transaction terms were not disclosed. The Benz portfolio of performance materials in both intraocular lens (IOL) and contact lens manufacturing complements BVI's portfolio of IOLs under the PhysIOL brand, including the world's first trifocal lens, FineVision. The company is one of the few suppliers of raw materials for IOL production.

To date, Benz material has been used in over 50 million implants worldwide and Benz will continue to supply its materials to its valuable customers following this deal, BVI said in a statement. The acquisition marks a period of significant expansion for BVI as the business has grown multiples faster than the ophthalmic market since the initial investment by TPG Capital, according to BVI.

"Adding Benz to our company is quite strategic for BVI as it brings us world-class lens material capabilities. Furthermore, the proprietary IOL molding technology will allow us to increase materially the scale of our IOL production," said Shervin Korangy, president and CEO of BVI. "When we met Pat Benz several years ago, it quickly became evident that a partnership together would be a great next step toward BVI's expansion aspirations. We welcome the Benz team to the BVI family."

Patrick Benz, founder and CEO of Benz R&D, remarked, "This deal marries the industry's leading optical design and IOL platform with the industry's best IOL material and production technology. Benz has supplied PhysIOL lens production for many years, so we know what we are getting into. BVI's vision of the future is incredibly exciting and will allow us to bring our technology to the next level."