RANCHO CORDOVA, Calif., June 27, 2019 /PRNewswire/ — VSP Global® announced today that it has entered into a definitive agreement to acquire San Antonio, Texas-based Visionworks, subject to completion of regulatory approval. With a footprint of more than 700 stores in nearly 40 states, the Visionworks acquisition will be the single largest VSP network investment in the company’s 65-year history.
“This transaction is highly complementary to our business and marks a significant leap forward in continuing to fulfill our vision to provide access to affordable, high-quality eye care and eyewear to more people,” said Michael Guyette, President and CEO of VSP Global. “With expanded nationwide access, we’ll provide our clients and members with an option for a more substantial, consistent and sustainable retail experience, further enhanced by the professional care of VSP network doctors.”
“We are aligned with VSP’s values and our shared commitment to help people see,” said Visionworks CEO, Pete Bridgman. “Grounded in our passion to deliver affordable quality eye care in a simple way, and strengthened by our new partnership with VSP, we will focus on advancing patient care and accessibility.”
“The Visionworks acquisition, once closed, will position VSP to meet expectations of our clients and to grow membership,” said Gordon Jennings, O.D., VSP Global Board Chair. “Together, we will be able to provide greater access for our members.
The transaction will close as soon as the necessary regulatory approvals are obtained.
CapM Advisors acted as financial advisor to Visionworks.
ABOUT VSP GLOBAL
VSP Global is a doctor-governed company that exists to create value for members and opportunities for VSP network doctors. Our industry-leading businesses include VSP® Vision Care, the only national not-for-profit vision benefits company, which provides access to eye care for nearly 90 million members through a network of over 40,000 doctors worldwide; Marchon® Eyewear Inc., one of the world’s largest designers, manufacturers and distributors of high-quality eyewear and sunwear; VSP Optics, industry leaders in ophthalmic technology and lab services, providing custom lens solutions for the vision and lifestyle needs of patients; Eyefinity®, the industry leader in practice management and electronic health record software; VSP Retail, which focuses on increasing access to eye care and eyewear through multiple channels, and VSP® Ventures, which offers care-focused, customized choices for doctors looking to transition their practice.
Visionworks is the sixth largest optical chain in the United States. A leading provider of eyewear and eye care services, the company proudly serves customers through more than 700 locations in nearly 40 states and the District of Columbia. With high quality products and expert associates, Visionworks helps its patients maintain their vision with comprehensive eye exams and with over 1,500 frame options at every location. Visionworks prides itself in helping every customer find a look that fits with their personal style. At Visionworks, we stand for more than just eyeglasses. We are over 8,000 people strong who are in some way in charge of one of humankind’s most precious senses – sight. We are devoted to healthy eyes and passionate about delivering flawless vision by ensuring every person who visits our stores and affiliated doctors has an incredible experience that is unexpectedly simple. We believe in our commitment and promise to make sure our patients and customers always see great.
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