Highmark sells fashion eyewear unit to Italian firm

Oct 30, 2013 989

Pittsburgh-based Highmark Inc. has agreed to sell its fashion eyewear company Viva International to Italian eyewear maker Marcolin SpA. Terms of the deal, which is dependent on regulatory approvals, were not disclosed.
Highmark Inc. owns Western Pennsylvania's largest health insurance, Highmark Blue Cross Blue Shield.
Highmark paid $138 million in 2005 to purchase New Jersey-based Viva, which designs and licenses eyeglass frames including Guess, Bongo and Sketchers. Under the trade name Viva Optique, the company is a part of Highmark's for-profit holding company HVHC.

David Holmberg, president and CEO of HVHC, was quoted by local news sources as saying that Highmark will receive "a very nice return on its initial purchase price" of Viva.
Marcolin had sales of approximately $282 million in 2012. European private equity firm PAI Partners acquired a majority share of the company in 2012.

Source: http://ifawebnews.com

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