Kohlberg Kravis Roberts & Co. LP (NYSE: KKR) is buying National Vision Inc. from Berkshire Partners.
Lawrenceville, Ga.-based National Vision sells eyeglasses through 750 vision centers in the U.S. and online. The company’s retail centers include WalMart Vision Centers, Vista Optical, which is located in FredMeyer stores, and Eyeglass World. The company focuses on low-priced glasses, with frames that cost less than $50.
KKR is making the investment from its North American XI private equity fund. The terms of the deal were not disclosed. The investment firm, which was founded in 1976 and led by Henry Kravis and George Roberts, has about $94.3 billion in assets under management. In January, the firm agreed to buy the majority stake in Sedgwick Claims Management Services Inc., and in December, the firm agreed to buy a stake in Torq Energy Logistics Ltd.
Boston investment firm Berkshire Partners invested in the retailer in 2005. The firm has invested in more than 100 middle market companies.
Barclays acted as National Vision’s financial adviser, with Wells Fargo as co-adviser. Weil Gotshal & Manges LLP provided legal advice to Berkshire Partners and National Vision. Simpson Thacher & Bartlett LLP was KKR’s legal counsel.