Birmingham Optical chief executive Chris Tyler and his management team have acquired a majority shareholding of the 60-year-old ophthalmic equipment supplier.
In a deal supported by Clydesdale Bank, Tyler and his team have purchased the company, which also includes a glazing and lens distribution business, from former owner Aberdeen Asset Management, a private equity firm, for an undisclosed sum.
'The deal has become a reality based on the strong support of key suppliers such as Nidek and Oculus in combination with the strong desire for the companies' products in the optometry, machinery and ophthalmology fields,' said Tyler.
Tyler has been with Birmingham Optical since 1993 but began working with the Nidek product line in 1987. He was appointed chief executive of the group in 2005.
Birmingham Optical, which employs 85 staff, is the largest distributor of Nidek equipment in the world and one of only handful that supply the entire range, including laser instruments for ophthalmology market, optometry instruments and lens edgers.
Tyler told Optician that the management buy-out provided a firm foundation for the sovereignty of the company. Other members of the management team include operations director Neil Townsend and finance director Stuart Jones.
The deal was completed in conjunction with instrument sales director Wayne Coleman and supported by non-executive chairman Gary Vickery.
Next week's Optician includes an exclusive interview with Tyler and Townsend.