Photo credits: LinkedIn
Black Pearl Global Investments, a Black-owned fund allocation enterprise committed to decreasing health inequities worldwide, signed on to a deal late last month to purchase Hydrogel Vision Corporation (HVC), a contact lens maker located in Florida.
HVC was renamed Black Pearl Vision (BPV) as a condition of the purchase. BPV exists as the lone contact lens company on Earth that is Black and woman-owned. According to a press release emailed to BlackThen.com on August 29 from the LEPR Agency, the history-making transaction was scheduled to be finalized by mid-September.
However, a September 6 update made on BPV’s Facebook page, which signals that things are close to official.
“It’s exciting to celebrate this milestone as we close out National Black Business Month,” Dr. Shante Williams is quoted as saying in the recent press release. Dr. Williams is the CEO of Black Pearl Global Investments.
“We recognized the company’s potential and quickly saw the opportunity of how we could help train talent for jobs of tomorrow,” she reportedly continued.
Background Info On Hydrogel Vision
Clerio Vision’s HVC produces industry-leading Extreme H20 contact lenses. They are noted for their exceptional moisture retention (up to 99%) and patented ultra-hydrating substance. The company, which is headquartered in Sarasota, Florida, makes translucent colored contacts for people with astigmatism.
HVC also makes lenses of varying diameters to accommodate people with different sized corneas and eyelids. New offerings from Black Pearl Vision are slated to hit shelves in the first few months of 2023, LEPR reports.
Details About Black Pearl’s Acquisition Deal
The agreement also includes the purchase of a 33,926 square foot production plant in Sarasota, which is registered with the Food and Drug Administration. Williams said the company aims to expand to include other facilities where start-ups may conduct R&D and manufacture their products in one location. Black Pearl Vision has decided to keep HVC’s 38 workers whilst boosting the amount of employment opportunities within the region.
“We know that venture capital and private equity are among the least diverse areas in the financial sector,” Williams stated.
“We approached this deal with how to make a great company even better but also with the mindfulness of what it could mean for emerging minority-owned businesses,” she added.
As a North American, African, and Caribbean-centric asset management organization, Black Pearl Global Investments backs businesses that are improving health via new and different means. Black Pearl fights for individuals still being subjected to subpar treatment and limited opportunities.
Investments in venture capital, private equity, and private loans are also used to finance the company’s operations in the U.S. mainland, as well as across the world.
At press time, no information pertaining to financials about the size of Black Pearl’s buyout of HVC had been disclosed.