Courtesy / Lighthouse Imaging
Tom Snyder, CEO of Lighthouse Imaging, will stay with the combined company.
Updated: October 6, 2021
Windham-based Lighthouse Imaging is sold to Massachusetts company for $8M
Courtesy / Lighthouse Imaging
This pair of imaging modules, which include lenses and integrated electronics for use in medical devices, were designed and made by Lighthouse Imaging in Windham. Lighthouse has been acquired by a Massachusetts company.
By Jessica Hall
A Windham maker of medical optics and digital imaging systems, Lighthouse Imaging LLC, has been acquired by a Massachusetts company for $7.85 million in cash and stock.
Precision Optics Corp. Inc. (OTCQB: PEYE) purchased Lighthouse from Anania & Associates Investment Co., a Windham-based private equity firm, for $2.85 million and 2.5 million shares of stock, according to a news release Tuesday. In addition, Anania may receive potential payments of up to $1.5 million based on certain earnings provisions over the next two years.
Founded in 1984, Lighthouse designs and manufactures imaging systems that are used by medical device companies. For example, the company makes components that are used in minimally invasive surgical procedures, such as endoscopies, and has 2D and 3D camera systems that integrate with surgical robots.
The company is one of a growing cluster of scientific imaging companies in southern Maine.
For the year ended June 30, Lighthouse had revenues of $4.5 million, about two-thirds of which revenue came from engineering services, with the remainder related to production activities.
“This strategic merger expands the depth and breadth of each company’s capabilities, and we believe it will enhance our presence in the medical device industry. We expect this combination will accelerate the growth both of our companies have experienced in this market,” said Joe Forkey, president and CEO of Precision Optics, which is headquartered in Gardner, Mass.
Lighthouse CEO Tom Snyder said his company had been exploring its own investments and that this deal provides many sought-after benefits.
"I'm confident that together, Lighthouse and Precision Optics are better positioned to address a robust medical imaging market and drive additional growth," Snyder said.
The two companies said they expect up to four new projects to emerge from engineering to production in the coming year, providing for significant growth going forward.
Peter Anania, president and chairman of Anania & Associates, will join the board of directors of Precision Optics. Lighthouse’s management team will continue with the combined company.
Precision Optics said it will continue to look at acquisitions to build capabilities and scale operations to take advantage of growth in the health care and defense markets.
Shares of the company were trading at $2 early Wednesday, unchanged from Tuesday's close.
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