National Vision Inc., an optical retailer owned by Berkshire Partners, has acquired the Eyeglass World chain from Vision Care Holdings LLC, a portfolio company of Summit Partners. No financial terms were disclosed.
National Vision, Inc. (NVI) has announced its acquisition of the Eyeglass World chain from Vision Care Holdings LLC. Eyeglass World is based in Lake Worth, Florida and will continue to operate under the same name. National Vision is now the fourth largest optical retailer in the United States. Terms of the transaction were not disclosed.
“The acquisition of Eyeglass World was an important and strategic transaction for our company,” said Reade Fahs, CEO and President of National Vision. “We saw an opportunity to add another growth brand to our portfolio of optical chains and expand our presence in the vision-care marketplace.”
Eyeglass World was founded in 1988 and operates 64 stores in 23 states across the country. The freestanding chain offers a wide selection of brand name and designer frames and its stores are equipped with in-store lab capabilities.
NVI is a portfolio company of Berkshire Partners, which acquired the business in September, 2005. Larry Hamelsky, Managing Director for Berkshire Partners said, “National Vision has established an impressive business strategy focused on the value segment of the optical retail industry. We are pleased to support National Vision’s expansion through the acquisition of Eyeglass World.”
About National Vision, Inc.
National Vision, Inc. (NVI), headquartered in Lawrenceville, Georgia is one of the largest optical retailers in the United States, operating over 500 retail locations in 44 states through the U.S. National Vision employs over 4,400 employees and its retail divisions include America’s Best Contacts & Eyeglasses, Vision Centers inside select Wal-Marts, Optical Shoppes inside Fred Meyer and Optical Centers on select military bases. National Vision has plans to open over 40 America‘s Best and Military locations annually. For additional information, please visit www.nationalvision.com.
About Eyeglass World
Eyeglass World is a leading retailer of eyewear, offering consumers brand names in a professional superstore environment. Eyeglass World has 64 stores in 23 states across the country that offer a wide selection of more than 2,000 name brand frames. Eyeglass World also offers contact lenses and sunglasses, and provides walk-in eye exam appointments and will accept outside prescriptions. More information is available at www.eyeglassworld.com.
About Berkshire Partners
Berkshire Partners has invested in mid-sized companies for more than 20 years through seven investment funds with aggregate capital commitments of approximately $6.5 billion. Berkshire seeks transactions in which it can invest $50 million to $500 million of equity capital. Berkshire has developed specific industry experience in several areas, including retailing, consumer products, manufacturing, transportation, energy, business services and communications. Over the past two decades, Berkshire has been an investor in 90 operating companies with approximately $20 billion of acquisition value and combined revenues over $22 billion. For additional information, please visit www.berkshirepartners.com.