,

Case Study: Fram-n-Lens Recapitalization

 

$37,000,000

National Vision Associates LTD. (NASDAQ: NVAL) has recapitalized Frame-n-Lens, Inc.

 

Summary:

Frame-n-Lens., one of the largest optical retailers in the United States engaged the Principals of Tellson to find an equity partner to invest $15 million to both restructure its balance sheet and provide necessary growth capital.  Prior to the engagement, the company had grown to 290 locations, including 160 in the California division, making it the largest retail optical chain in California. After reviewing the benefits of the offers made by potential investors, the Principals of Tellson and the client agreed that the best alternative was to arrange a majority recapitalization of Frame-n-Lens by National Vision Associates.

This story is common among middle market companies that are expanding rapidly.  Tellson can be successful in assisting your customers by providing additional growth capital, whether it involves selling a minority stake or a controlling stake.  In some cases, management and owners determine that the sale of a majority stake or selling the business in its entirety provides the best outcome, as was the case with the Frame-n-Lens recapitalization.

 

Tellson:

Tellson works with the owners and management of middle market companies across many industries.  Our principal focus is to enhance shareholder value and maximize liquidity opportunities.  This can be accomplished by the addition of long-term or permanent equity to the company’s capital base.  Additionally, Tellson undertakes mergers & acquisition assignments, which include the partial or total sale of businesses, operating divisions and asset sales as well as recapitalizations and related transactions.