VSP Global announced that it has entered into a definitive agreement to acquire San Antonio, Texas-based Visionworks, which has more than 700 stores in 40 states. The Visionworks acquisition will be the single largest VSP network investment in the company’s 65-year history.
Terms of the deal were not disclosed.
“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,” Michael Guyette, President and CEO of VSP Global, said in a company news release. “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.”
“We are aligned with VSP’s values and our shared commitment to help people see,” Visionworks CEO Pete Bridgman said in the news release. “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.”
Visionworks was most recently part of Highmark Health’s diversified businesses.
The transaction will close as soon as the necessary regulatory approvals are obtained.