The deal, the details of which were not disclosed, is the single largest investment in VSP’s history.
“With the close of this acquisition, we can provide more value to our clients and members and respond to their expectations for a substantial, consistent, and sustainable retail eye care experience, underscored by the professional care of VSP network doctors,” Michael Guyette, president and CEO of VSP Global, said in a press release. “The addition of Visionworks marks a major milestone in VSP Global’s 65-year history, supporting our mission of helping people see and keeping us well-positioned to better compete and grow membership in a changing marketplace.”
The deal means that Pete Bridgman, president of Visionworks, will now report to Guyette. Visionworks, with more than 700 stores in nearly 40 states and the District of Columbia, will continue to operate independently. It is the sixth-largest optical chain in the United States, offering comprehensive eye exams and with over 1,500 frame options at every location.
VSP Global is a doctor-governed company boasting several businesses, including VSP Vision Care, the only not-for-profit vision benefits company in the United States that provides access to eye care for almost 90 million members and has a network of over 40,000 doctors.
There is also Marchon Eyewear, one of the world’s largest designers, manufacturers and distributors of eyewear and sunwear; VSP Optics, which offers custom lens solutions; Eyefinity, a leader in practice management and electronic health record software; VSP Retail, which focuses on boosting access to eye care and eyewear; and VSP Ventures, which was created for doctors that want to transition their practice.