March 24, 2016
I-deal Optics Completes Add-on Acquisition of Del Rey Optical
I-deal Optics Acquires a Leading West Coast Supplier of Overstock Eyewear
PITTSBURGH, PA – March 24, 2016 – Main Street Capital Holdings, LLC, announces an add-on acquisition for its portfolio company, I-deal Optics Holdings, Inc. I-deal Optics acquired the Del Rey Optical division from Eyewear Designs, LTD. Del Rey is a leading West Coast supplier of closeout and overstock prescription eyewear frames. The acquired business will be consolidated into I-deal’s Savon Eyewear division. Terms of the deal were not disclosed.
“Acquiring Del Rey was a significant milestone for our company” said Michael Feldman, I-deal’s President and CEO. “The Del Rey business is highly complementary to our Savon business. It will provide us with better access to suppliers and give us an increased presence on the West Coast. We appreciated Main Street’s assistance and support on this project, and we look forward to working with them on future growth initiatives”.
“The management team did a terrific job of integrating the Del Rey business into I-deal in a very compressed timeframe” said Dennis Prado, a Managing Partner of Main Street. “The team has proven that they can seamlessly integrate add-ons and we will continue to actively look for additional opportunities for I-deal.”