GREEN BAY, Wis. (WLUC) - A private investment firm announced Thursday they have successfully completed the acquisition of Shopko Optical.
Monarch Alternative Capital LP plans to relocate nearly 80 of Shopko Optical locations currently housed inside Shopko stores to freestanding locations over the course of 2019 with plans for further growth in 2020 and beyond.
"We are excited to welcome Shopko Optical into our portfolio and to invest in the company's growth as we move forward with our strategy. Monarch has a long, successful history of investing in great companies undergoing transitions and working alongside their leadership teams to build strong, vibrant businesses of the future," said Andrew Herenstein, Co-founder and Managing Principal of Monarch.
Jim Eisen, former President of Visionworks, is working as an Operating Partner with Monarch alongside the Shopko Optical team.
"I'm grateful for the opportunity to join the Shopko Optical team. We are committed to continuing to provide quality patient care and outstanding service that our affiliated doctors of optometry and opticians have provided for over 40 years. It is an exciting time to be part of the Shopko Optical family," said Eisen.
"As we move forward with our plans to operate 80 freestanding optical locations, we continue to be dedicated to our patients, doctors, opticians and the communities we serve," said Russ Steinhorst, CEO of Shopko. "We encourage anyone with questions to please get in touch with our team. We appreciate the continued patronage of our patients and their understanding during what we hope to be a continued smooth transition."
About Monarch Alternative Capital LP:
Monarch Alternative Capital LP is a private investment firm with approximately $5 billion in assets under management across various investment vehicles. Monarch was founded in 2002 and focuses primarily on opportunistic investing across distressed debt, special situations equity and real estate. The firm's headquarters is located in New York, with a subsidiary office in London.