Needham, Massachusetts – April 21, 2023
CERES is pleased to announce the sale of Apollo Optical Systems to Pike Street Capital.

Apollo Optical Systems

Apollo is industry leader in the design and manufacture of precision polymer optical components and assemblies.

Unique among competitors, Apollo is vertically integrated. Capabilities include injection molding, single point diamond turning (SPDT), thin film coating, metrology and optical and mechanical design. In addition to multi-element optical subassemblies, it is a leader in high precision, fine structured, polymer optics – including Fresnel, microlens-arrayed, beam shaping, diffractive, diffuser and free-form elements. Its engrained quality manufacturing culture is evidenced with its ISO: 9001:2008 and ISO 13485-2016 (Medical Device) and IATF 16949:2016 (Automotive) certifications.

Apollo delivers OEM solutions for a wide breadth of high growth markets including Medical Device, Automotive, 3D Sensing, Augmented Reality (AR) and Defense. In-house optical design and optomechanical engineering allow Apollo to partner with OEM customers from fundamental product specification through prototyping and middle to high volume production.

Apollo is located in Rochester, New York – the US epicenter of optics manufacturing and fertile ground for highly skilled and innovate technical talent in the field of optics.

Exit Planning

Apollo worked with CERES, a Merger & Acquisition advisory firm hyper-focused in photonics, to assist with exit planning, engage with potential acquirers and lead the execution of a transaction.

Apollo invested in exit planning and preparing for the transaction.  It also continued to invest in state-of-the-art injection molding, high volume coating, SPDT and metrology equipment.

From a broad network and intimate knowledge of the photonics industry, CERES identified many excellent strategic acquirers for the business – as well as private equity investors seeking uniquely differentiated profitable companies, like Apollo, in the fragmented and high growth optical components market.

Apollo ultimately selected to pursue a private equity buyer with a significant history in optics.  The alternative allowed managing shareholders to transition out of managing the day-to-day business while maintaining a leadership and mentorship role with many of their long term employees.

Poised for High Growth with Pike Street Capital

Pike Street Capital, a Seattle-based private equity firm experienced in the optics sector, acquired Apollo in May of 2023. The principals at Pike Street have experience leading, operating, and executing successful investments in Radiant Vision Systems and Zemax, now owned by Konica Minolta and Ansys, respectively.

Pike aims to build on the Apollo platform by investing in additional businesses with complementary value propositions and technical solutions and by recruiting the founders’ successors. Since the acquisition, Don Ehinger joined Apollo as CEO. Don brings extensive experience in the optics industry, having most recently held leadership roles at Jenoptik Optical Systems and Navitar.

“We’re excited to expand the solutions we can offer our customers with the additional investment and operational support from Pike Street,” said Apollo founding CEO, Dr. G Michael Morris. “It was important to find a partner with demonstrated success in our field, and a shared vision for the future of the business. Pike Street is a great fit for us. We’re confident that the strategic partnership will benefit both our customers and employees.”

“This is a marketplace we know well, and holds tremendous potential,” said Dave Dandel, Partner at Pike Street Capital. “The Apollo team is comprised of renowned pioneers and its innovative technology continues to expand into new industries and applications. We are really excited to accelerate this growth trajectory”

About Apollo Optical Systems

Apollo is industry leader in the design and manufacture of precision polymer optical components and assemblies.

For more information, please contact:

Michael Morris
Apollo Optical Systems
morris@apollooptical.com

CERES Technology Advisors

CERES provides merger & acquisition advisory and business valuation services. Our unique value is the breadth and depth of our network and knowledge of markets enabled by photonics.