Calgary-based eye care specialist FYidoctors has acquired for an undisclosed sum the Canadian assets of Vision Source LP, which operates a network of optometrists. The deal, which is excepted to close in October, will see Vision Source transfer its 95 Canadian franchisees to FYidoctors, along with rights to its brand name in Canada. Located in Kingwood, Texas, Vision Source is a portfolio company of U.S. private equity firm Brazos Private Equity Partners. Brazos bought the company, once a division of TLC Vision Corp, from Charlesbank Capital Partners and HIG Capital in 2011. They acquired the Mississauga, Ontario-based TLC in a turnaround deal in 2010.
PRESS RELEASE
FYidoctors and Vision Source Join Forces: independent optometrists and patients benefit
CALGARY (September 9, 2013) – FYidoctors, a leading Canadian eye care company, is pleased to announce that they have acquired the Canadian assets and operations and have entered into a licensing agreement with Vision Source, North America’s largest network of private practice optometrists with approximately 2,800 practices.
Vision Source will transfer its Canadian assets and operations, consisting of 95 franchisees, to FYidoctors, including rights to the Vision Source name in Canada through a trademark licensing agreement. The transaction is expected to close on October 1, 2013 subject to certain customary closing conditions. Vision Source and FYidoctors will continue to work closely together through a planned transition period.
The acquisition and licensing agreement is designed to create a long-term relationship between FYidoctors and Vision Source Canada to continually fuel the preservation of independent optometry with eye care professionals in North America. This combination will provide a tremendous platform for growth for both organizations and will allow both companies to continue to increase market share in Canada. The agreement will give Vision Source Canadian franchisees multiple benefits including strengthened buying power, an extensive network of shared knowledge and resources, as well as the Vision Source brand name and marketing support.
While continuing to operate under the Vision Source name, Canadian Vision Source franchisees will also now be able to leverage the many benefits that FYidoctors has to offer including its 33,000 square foot freeform laboratory and distribution center and access to several exclusive brands and supply chain agreements. While Vision Source Canada will be owned by FYidoctors, FYidoctors and Vision Source will continue to operate as separate business units and brands, providing Canadian optometrists the strength and value of two entities regardless of how they choose to practice as independent eye care professionals.
“It has always been the mandate for FYidoctors to ensure that optometrists, not corporations, define what eye care looks like in Canada,” said Dr. Alan Ulsifer, CEO of FYidoctors. “We have invested quite heavily to create unique infrastructure and support platforms to help strengthen the profession and to ensure a competitive advantage in the marketplace,” he added. “The combination of the franchise model of Vision Source and the collaborative shareholder model of FYidoctors will provide tremendous resources and opportunities for independent eye doctors that simply don’t exist anywhere else in the world today.”
“We are very excited about this agreement with FYidoctors in Canada,” said Vision Source Executive Chairman Glenn Ellisor, O.D. “Canada continues to be a thriving area in our business growth, and to now work even more closely with FYidoctors moving forward, independent optometrists and consumers who need eye exams will benefit even more as they enjoy more shared services and locations of both organizations.”
About FYidoctors
FYidoctors is a private, optometry-owned, eye care company with its home office located in Calgary, Alberta and a fully automated freeform laboratory and distribution facility in Burnaby, British Columbia. FYidoctors is currently one of Canada’s largest providers of ophthalmic products and services with over 200 optometrists servicing over 100 locations across the country, including Canadian distribution rights to multiple optical and vision products. For more information on FYidoctors please visit: www.fyidoctors.com
About Vision Source
Founded in 1991, Vision Source is North America’s largest network of private practice optometrists with approximately 2,800 practices consisting of the most influential experts in the eye care industry. Through leveraging the network’s collective power, Vision Source is able to deliver practice and professional development tools, marketing expertise and services, and unsurpassed purchasing power. For more information, call 888-558-2020 or visit www.visionsource.com
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