VSP Global announced today that it has entered into a definitive agreement to acquire Visionworks, the sixth-largest optical chain in the country. With Visionworks’ more than 700 locations in 40 states, the 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,” says 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.”
Click here to watch a video statement by Guyette regarding the acquisition.
“We are aligned with VSP’s values and our shared commitment to help people see,” says 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.
Visionworks is the sixth largest optical chain in the United States, with more than 700 locations in nearly 40 states and the District of Columbia.
This is not the first foray into the physical retail space for VSP. In March the company announced its plans to open brick-and-mortar locations of online retail entity Eyeconic, beginning in the Chicago area (two locations opened there this month). Also in March, VSP launched VSP Ventures, a business unit that will acquire the practices of those O.D.s wishing to retire or otherwise transition their practice.