Parcrest Advisors, a Newly Formed Investment Banking Boutique, Advises Allied Vision Group on its Sale to Hammond, Kennedy, Whitney & Company

FORT LAUDERDALE, Fla. and INDIANAPOLIS and NEW YORK, Sept. 5, 2017 /PRNewswire/ -- The principals of Parcrest Advisors ("Parcrest") have acted as the exclusive investment banking advisors to Allied Vision Group ("Allied") on its sale to Hammond, Kennedy, Whitney & Company, Inc. ("HKW"). Parcrest Advisors is an investment banking firm based out of New York City.  Vedder Price P.C., led by New York shareholder Denise Tormey, served as lead counsel for Allied Vision Group. The transaction will enable Allied to transition its ownership to a new generation of leaders and to fund its growth as a leading distributor of contact lenses, optical products, and pet medications.

Co-Founded in 1989 by Bob Tardell and Jules Saland and headquartered in Fort Lauderdale, Florida, Allied Vision Group is one of the largest independent distributors of contact lenses and pet medications, wholesaling to a broad network of optical retailers and practitioners.

"We are extremely pleased to have worked with John Z. Fang and James C. Lee of Parcrest Advisors in completing this momentous transaction," said Bob Tardell, Co-Owner & Co-Founder of Allied. "Parcrest's principals combined their deep knowledge of the optical, healthcare, and distribution industries with inexhaustible passion and creativity to help us find the right partner in HKW."

"Our sustained operational efforts combined with Parcrest's excellent advisory work helped us find the best M&A solution. We believe that HKW is the best firm to take us to the next level of growth, with more than a century of excellence and significant healthcare expertise," said Harvey Berkowitz, longstanding President and newly named CEO of Allied.

"We are excited to partner with Harvey, Bob and the entire AVG team as they continue to service the growing online and healthcare practitioner market," said John Carsello, Partner at HKW.

"We are grateful to have had the opportunity to utilize our deep industry knowledge, transactional experience, and entrepreneurial creativity to advise Allied on this important deal. We believe that there will be continued global consolidation in the optical and pet medication markets and see meaningful M&A activity in the near future. As veteran investment bankers and founders ourselves, we have tried to bring a unique set of values and work ethic to deliver results for Allied," said John Z. Fang, Co-Founder and Partner of Parcrest Advisors.

"This transaction represents an important milestone for Parcrest Advisors as it provides validation of the firm's vision and strategy.  We are pleased that it closed so soon after Parcrest's founding and look forward to continue to deliver successful outcomes for our existing portfolio of global clients," said James C. Lee, Co-Founder and Managing Partner of Parcrest Advisors.

About Allied Vision Group

Allied Vision Group is a leading wholesaler of contact lens, optical, and pet medication products based in Fort Lauderdale, Florida. Founded in 1989, it services a wide customer base of healthcare practitioners and retailers.

About Hammond, Kennedy, & Whitney, Inc.

HKW is a private equity firm founded in 1903 with offices in Indianapolis and New York. Since 1982, HKW has sponsored 54 platform transactions of lower middle-market companies throughout North America, as well as 61 add-on acquisitions. For further information on HKW, please visit www.hkwinc.com.

About Vedder Price, P.C.

Vedder Price is a thriving, 300-lawyer firm with seven offices worldwide. The firm offers a unique mix of finance, corporate, and litigation skills, including market-leading practices in global transportation finance, middle-market finance/M&A, and more. For more information, visit www.vedderprice.com.

About Parcrest Advisors

Parcrest Advisors is a multidisciplinary cross-border investment bank based in New York City. In order to provide securities-related services discussed herein, certain principals of Parcrest are licensed with Burch & Company, Inc. member FINRA & SiPC. Burch & Company and Parcrest are not affiliated entities. Further information about Parcrest is available at www.parcrest.com.

SOURCE Parcrest Advisors

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