*At the end of September 2019, Revision Military sold its protective eyewear business along with the Revision Military name. The remaining Armor, Soldier Power, Platform Power and Advanced Concept divisions move forward from that date under the new corporate name of Galvion. The press release below was issued prior to that sale, and therefore appears using the Revision Military name.*
Montreal, Quebec, Canada (October 1st, 2019)Revision—a world leader in Soldier System solutions and equipment— announced today that it has sold its protective eyewear business to ASGARD Partners & Co., a private investment firm based in New York. “This divestiture supports our strategy to sharpen our portfolio and fund expanded capabilities and growth initiatives around enhanced warfighter survivability and lethality,” said Revision CEO, Jonathan Blanshay.
The transaction includes the sale of the Essex, Vermont manufacturing operation and the protective eyewear product line, along with the Revision TM and branding. The newly separated Revision eyewear business will continue day-to-day operations with the legacy management and manufacturing team in Essex, Vermont. “Revision eyewear has become the world-wide leader in military eye protection, and is a valuable and recognized industry brand,” said Blanshay. “As a stand-alone business with the support and direction of ASGARD Partners & Co., Revision eyewear will be in a better position to pursue strategic growth opportunities.”
Blanshay continued, “We recognize that the divestiture of a core business is a complex process, and want to assure our partners and stakeholders that it is a priority for us to move through this transition as swiftly and smoothly as possible. Our dedicated team remains committed and available in order to maintain business as usual throughout this period. We are incredibly excited to re-launch shortly with a new company name and look forward to the opportunity to build a world-class brand focused on our active, integrated head-borne and torso systems, power management and communication solutions.”
ABOUT REVISION
Revision develops and delivers purpose-built protective soldier equipment for military use worldwide. The company, which began with eyewear, has expanded to face, head and torso protection as well as power supply and management products. Revision continues to develop innovative capabilities for integrated, performance enhancing soldier systems. To that end, Revision brings together the most advanced expertise, state-of-the-art facilities and finest technical minds. Privately owned and ISO 9001:2015 certified, Revision has facilities located in Essex and Newport, Vermont; Portsmouth, New Hampshire; Southborough, Massachusetts; Montreal and Ottawa, Canada; and the UK. For more information, visit www.revisionmilitary.com, write media@revisionmilitary.com, or call +1 514.739.4444
NEW YORK (October 1, 2019) – ASGARD Partners & Co. ("ASGARD"), a private equity firm based in New York, and Merit Capital Partners (“Merit”), a private equity firm based in Chicago, have partnered to acquire the eyewear business of Revision Military Limited ("Revision" or the "Company"), the world leader in protective eyewear solutions for military and tactical use. The transaction includes the sale of the protective eyewear product line, the world-renowned Revision name and branding, the Essex, Vermont 53,000 square foot manufacturing operation, and team of 130 employees. Under the guidance of ASGARD, the newly separated Revision eyewear business will continue day-to-day operations with its key management and existing manufacturing team.
Revision was founded as an eyewear company in 2001, and quickly became one of the primary suppliers of protective eyewear to military forces around the globe, including the U.S. Army, British Army, German and Swiss Armed Forces. Over the past decade, the Company has invested in advanced technology and equipment in the areas of materials, coatings and dyes to improve performance and become the leader in ballistic laser protective solutions. ASGARD and Merit’s investment in Revision provides the Company with valuable strategic guidance and meaningful growth capital, reinforcing and expanding its capabilities to pursue new growth opportunities and support the needs of existing customers.
“Revision has long been an industry leader in protective eyewear solutions, saving the lives and eyesight of millions of servicemen and women around the globe. We are excited to work with the passionate and talented Revision team to pursue growth in new markets and develop the next-generation of eyewear technology. With a renewed focus on protective eyewear and dedicated capital resources, we believe Revision is well-positioned for growth in the years to come,” said Karan Rai, Founder and Managing Partner of ASGARD.
Ben Yarbrough, a Managing Director at Merit, said, “Revision represents a great opportunity for growth and expansion in this market. We are proud to partner with the ASGARD team, who knows the military personal protective equipment market exceptionally well and brings a focused strategic and operational vision to the Company.”
ABOUT ASGARD
ASGARD Partners & Co. is a private equity firm based in New York that primarily invests in founder, family, and management-owned companies with defensible value propositions and strong growth prospects. ASGARD predominantly focuses on manufacturing, services and distribution businesses, with ties to defense, government or aerospace markets, located in North America. The partners at ASGARD form a cohesive team, with decades of investing and operating experience, well‐suited to drive value and assist companies with transformational change. The firm invests in all forms of corporate divestitures, management buyouts, recapitalizations, generational ownership transitions, and going-private transactions ASGARD believes business is a powerful platform that can change the world for the better and is committed to serving entrepreneurs, companies, and investors that share this belief. For more information about the firm, please visit https://asgardpartners.com.
ABOUT MERIT CAPITAL PARTNERS
Headquartered in Chicago, Merit Capital Partners has raised over $2.2 billion of capital since 1993 through six institutionally sponsored limited partnerships. Merit invests both equity and mezzanine capital in middle-market companies. For more information on Merit Capital Partners, please visit www.meritcapital.com.
ABOUT REVISION
Revision develops and delivers purpose-built eye protection for military and tactical use worldwide. Revision specializes in integration for the optimum and necessary balance of protection and performance. To that end, Revision brings together the most advanced expertise, state-of-the-art technology, and finest technical minds. The Company is headquartered in Essex Junction, Vermont, USA. For more information, visit www.revisionmilitary.com, write media@revisionmilitary.com, or call +1 802.879.7002.
