VSP Vision Acquires Eyemart Express, Expanding Service Reach

Deal News | Jan 23, 2025 | Leonard Green and Partners

VSP Vision Acquires Eyemart Express, Expanding Service Reach

In a strategic move to enhance its network and service reach, VSP Vision has completed the acquisition of Eyemart Express from FFL Partners and Leonard Green & Partners, as announced on January 23, 2025. The acquisition aligns with VSP Vision's goal to expand access to affordable and high-quality eye care, particularly targeting underserved and rural communities. Both companies share a doctor-founded heritage and a commitment to customer care. With nearly 250 stores across 42 states, Eyemart Express is recognized for its rapid service capabilities, delivering 80% of glasses within an hour due to its in-house labs and on-site technicians. The newly acquired company will continue its operations as usual while VSP Vision considers integration possibilities. For the acquisition, VSP Vision was advised by Wells Fargo & Company, Kirkland & Ellis LLP, and PricewaterhouseCoopers International Limited. VSP Vision, a leading not-for-profit vision benefits company, has been delivering health-focused vision care for nearly 70 years, aiming to provide community access to vision care through its diverse portfolio of businesses.

Sectors

  • Healthcare
  • Retail
  • Private Equity

Geography

  • United States – Both VSP Vision and Eyemart Express operate nationwide within the United States, and the acquisition impacts numerous locations across 42 states.

Industry

  • Healthcare – The acquisition involves companies focusing on providing eye care and eyewear. Eyecare is a segment within the healthcare industry.
  • Retail – Eyemart Express operates retail stores providing eyewear and eye care products directly to consumers.
  • Private Equity – The acquisition was backed by private equity firms Leonard Green & Partners and FFL Partners, highlighting investment activities within this sector.

Financials

    Participants

    NameRoleTypeDescription
    VSP VisionAcquiring CompanyCompanyA leading not-for-profit vision benefits company expanding access to eye care and eyewear.
    Eyemart ExpressTarget CompanyCompanyA retail chain providing rapid eyeglass production and eye care services with nearly 250 stores in 42 states.
    Leonard Green & PartnersSelling CompanyCompanyA private equity firm that previously held stakes in Eyemart Express.
    FFL PartnersSelling CompanyCompanyA private equity firm that previously held stakes in Eyemart Express.
    Wells Fargo & CompanyFinancial AdvisorCompanyProvided financial advisory services to VSP Vision for the acquisition.
    Kirkland & Ellis LLPLegal AdvisorCompanyProvided legal advisory services to VSP Vision for the acquisition.
    PricewaterhouseCoopers International LimitedCorporate Finance AdvisorCompanyProvided financial advisory services related to the acquisition.