August 5, 2015
Vision Source announced that it has entered into an agreement to be acquired by Essilor of America, a division of Essilor International. Essilor’s first half financial results indicated that the company entered an agreement to acquire a majority stake in Vision Source. The deal is expected to close over the next couple of months, depending on the regulatory approvals process. The terms of the acquisition were not disclosed.
Executives of both companies said that Vision Source is expected to become a wholly-owned subsidiary of Essilor of America, but that it will continue to be led and managed as an independent company, by its current leadership team, which includes the company’s founder and executive chairman, Glenn Ellisor, OD. After Essilor of America completes the acquisition, a new board will be appointed by Essilor of America in the coming months to oversee the operation.
“This partnership brings together the global leader in the lens market with the leading U.S. platform of products and services for independent eyecare professionals,” says Ellisor. “We’re certain that the expertise and resources that this new relationship offers our members will further bolster the success of their practices. We could not ask for a better organization to join forces with as we lead Vision Source into the future.”
“Our partnership with Vision Source is part of our overall strategy to offer ECPs choice in new and innovative solutions, business tools, services and products they need to enhance the patient experience,” says Eric Leonard, president, Essilor of America, Inc. “We believe in the current Vision Source leadership and are committed to their strategy of supporting independent eyecare professionals in providing improved patient outcomes. We believe, working together, Essilor and Vision Source will enhance independent optometry by reducing the complexity and risk associated with managing the practice of the future.”
Added Ellisor: “We are thrilled to announce that Vision Source has taken the next step in helping independent optometrists create the practice of the future by becoming part of the Essilor family. This acquisition will serve to build upon a successful long-term relationship that Essilor has enjoyed with independent optometrists since coming to the United States decades ago. Our formal relationship commenced in 2007, and Essilor has been a strong, loyal and like-minded supporter of Vision Source members ever since. This strategic partnership brings together a global leader in vision care products with the leading U.S. network of independent eyecare professionals who treat more than 50,000 patients a day.”
Founded in 1991, Vision Source is an alliance of independent optometrists that currently has approximately 4,000 members. It ranked second among the Top 50 U.S. Optical Retailers with $2.2 billion in sales from over 3,000 locations for the calendar year of 2014.
In 2011, Dallas-based private investment firm Brazos Private Equity Partners made a significant but undisclosed investment in Vision Source. Brazos’ relationship with Vision Source will end after the acquisition by Essilor is completed, according to Jim Greenwood, Vision Source president and COO.
Greenwood joined Vision Source as president and COO in 2013 and initiated a process of navigating the changing health care landscape for Vision Source and its members, forming strategic alliances with medical providers and health care networks such as Privia Quality Network, Minuteman Health, Arkansas Health Group and many more.
