JML Optical Industries (Rochester, NY, USA), a designer and manufacturer of custom precision optics and optical assemblies, has been recapitalized by BB&T Capital Partners (Winston-Salem, NC, USA), Bob Bicksler, and existing management to position the company for continued long-term growth. The transaction was handled by M&T Investment Banking Group, a division of M&T Bank.
JML company founder, Joe Lobozzo, will remain as a material shareholder and advisor to the Company. Bob Bicksler will assume the role of CEO, overseeing the continued organic growth of JML while also pursuing acquisition opportunities within the industry. Gregg Sadwick, Mike McCusker, Valerie Maher, Gerry Lynch, and other members of the management team will remain with the company in their current capacities, ensuring continuity.
“Having founded JML almost 40 years ago, I have been focused on transitioning the company for its next phase of growth," said Lobozzo. "The recapitalization of the company allows me to accomplish this objective while also remaining a material shareholder.”
JML Optical Industries custom designs are augmented by its catalog, which offers stock lenses and designs. JML primarily serves OEM manufacturers in the defense, medical diagnostic, life sciences, semiconductor, graphic arts, metrology, and biometrics industries.
BB&T Capital Partners manages approximately $750 million in committed capital and is focused on supporting growing companies in the middle market.
SOURCE: JML Optical Industries
--Posted by Vision Systems Design