National Vision Acquired by Berkshire

September 2005

“Without TM Capital’s relentless commitment over many months, structuring skill, ability to think far outside the box and amazing roster of relationships, these transactions simply would not have happened. They have been instrumental in delivering a fairly remarkable transformation of our business. I am not sure anyone other than TM could have come up with such an elegant solution to our rather complex set of challenges in a way that made for concurrent wins to all stakeholders.”

- Reade Fahs, CEO, National Vision, Inc.

	National Vision, Inc. (AMEX: NVI) is a leading optical retailer with vision centers principally within Wal-Mart store locations with limited remaining lease terms
	The Board of Directors of NVI retained TM Capital to pursue strategic and financial alternatives which would enhance value and position the company for growth
	TM Capital negotiated the strategic acquisition by NVI of Consolidated Vision Group, a portfolio company of Kelso & Co., for $88 million, creating the fourth largest U.S. optical retail chain
	TM Capital also negotiated the sale of NVI to Berkshire Partners for $7.25 per share, an enterprise value of $100 million, and a 300% premium to NVI's share price before TM Capital's retention
	TM Capital also assisted in arranging the related financing and provided a fairness opinion to the Special Committee of the Board of Directors of NVI

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