BVI® acquires Benz Research & Development, strengthening end to end IOL design, production and sales capabilities
- Benz R&D is the leading technologically advanced independent supplier of performance materials and manufacturing technology to the IOL industry
- BVI's vertical integration will accelerate manufacturing capacity and geographic sales expansion, and the IOL material capabilities of BVI's world leading PhysIOL® lens platform
WALTHAM, Mass., Oct. 15, 2020 /PRNewswire/ -- BVI, the fastest-growing diversified company in ophthalmology, today announced its recent completion of the acquisition of Benz Research & Development (Benz) and its customized contact lens subsidiary, SpecialEyes, both based in Sarasota, Florida.
The Benz portfolio of innovative performance materials in both Intraocular Lens (IOL) and Contact Lens manufacturing complements BVI's leading portfolio of IOLs under the PhysIOL brand, including the world's first trifocal lens FineVision. As one of only a few suppliers of raw materials for IOL production, Benz sets itself apart from the rest of the industry based on the quality and precision of its production. To date Benz material has been used in 50+ million implants worldwide and Benz will continue to supply its materials to its valuable customers following this deal.
"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 towards BVI's expansion aspirations. We welcome the Benz team to the BVI family."
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. Under current leadership, BVI continues to establish itself as the partner of choice for surgeons and healthcare facilities globally.
"This deal marries the industry's leading optical design and IOL platform with the industry's best IOL material and production technology," said Patrick Benz, founder and CEO of Benz R&D. "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."
Based on original research, evident by numerous patents and proprietary technologies, Benz has been driving innovation in ophthalmology for more than 20 years. Most notably, Benz is at the forefront of molding hydrophobic and hydrophilic acrylic IOLs with tight, nanometer tolerances. Benz has pushed the outer bounds of chemistry and physics while ensuring consistent repeatable results.
The financial terms of the deal were not disclosed.
BVI® is a global ophthalmic medical device manufacturer with a mission to deliver high quality solutions and innovation for advancing eye surgery and improving the vision of patients. With nine decades of developing leading products and solutions, BVI partners with ophthalmic surgeons to improve the vision of millions of patients across the globe. Our organization supports surgical teams, in more than 115 countries worldwide, either directly or through our network of trusted distributors. Our trusted brands include: Beaver® (Knives and Blades), Visitec® (Cannulas), Malosa® (Single-Use Instruments), Vitreq® (Vitreoretinal Surgical Products) and PhysIOL® (Premium IOLs).
Learn more at bvimedical.com.
Lars Bonefeld, VP Global Marketing, email@example.com, 1582350-01