December 2020
Windjammer Portfolio Company Hilco Vision Acquires M&S Technologies

Windjammer Capital Investors is pleased to announce that its portfolio company, Hilco Vision has acquired M&S Technologies (“MST”), a leader in digital vision testing systems. The terms of the transaction were not disclosed.

The M&S Smart System® platform is relied on by eyecare professionals across the industry who value the company’s commitment to innovation, accuracy and dependability. Additionally, the M&S Clinical Trial Suite offers leading pharmaceutical companies, scientists and researchers a reliable means to meet the needs of any clinical trial, study or investigative research.  The company was founded in 1990 by Joe Marino. Both Joe and Karen Marino will be staying on in leadership roles with Hilco Vision.

Ross Brownlee, CEO of Hilco Vision noted, “M&S Technologies has always been a pioneer in software based visual acuity testing and sets the standard for excellence in this area. Innovation, market responsiveness, and customer-centricity are common to both companies. Digital solutions are evolving rapidly in eyecare and M&S is well placed to partner with stakeholders to ensure technology solutions in areas like telehealth will improve service and patient outcomes globally.”

The business will continue to be primarily based in Niles, Illinois where the software development, design, and hardware engineering is performed.

“Our software and devices have earned their leading reputation because we put the science first – supported by best in class quality and service. We are really excited to get this partnership established with Hilco Vision so we can continue to expand our reach and continue to develop new software-based eye health solutions for customers, globally,” stated Joe Marino, President at MST.

Matt Anderson, Managing Director at Windjammer Capital, which acquired Hilco in September 2019, said, “With its acquisition of M&S, Hilco continues to broaden its product portfolio to offer a compelling value proposition for the professional eyecare market. We are excited to support Hilco in its organic and acquisition-oriented growth plans and will continue to seek add-on opportunities that contribute to delivering comprehensive solutions for its customers while adhering to the best in class standards that our customers have come to expect."

For more information on Hilco please visit its website at

Please contact Greg Bondick ( or Matt Anderson ( at Windjammer with any questions regarding the transaction.


About Windjammer Capital

Windjammer Capital is a national private equity investment firm, based in Newport Beach, CA and Waltham, MA that invests control equity in middle-market businesses and in partnership with management. Since its founding in 1990, Windjammer has managed over $2 billion of committed capital with respect to its control equity investment strategy, and since inception has completed over 50 platform investments and more than 100 strategic add-ons. The firm targets investments in companies that are leaders in attractive niche markets and share several of the following characteristics: significant and defensible market positions; differentiated products and services; strong management teams; scalable business models; identifiable growth opportunities; and consistent financial performance.

About Hilco Vision

Hilco Vision is an industry leading global vision care company delivering comprehensive solutions to customers, built on a platform of innovation and operational excellence. It has direct subsidiaries in the USA, Canada, UK, Germany, Australia, China, and the Netherlands.  The company’s product portfolio is concentrated on 5 primary product categories: Professional Optical Tools, Ophthalmic Supplies, Vision Protection, Consumer Accessories and Lenscare.