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Eye Health America Bought 7 Practices Last Year, Grew to 500 Employees

It plans further growth this year.

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ATLANTA — Eye Health America, a practice management company, announced that it has acquired seven ophthalmology and optometry practices and ambulatory surgery centers across the Southeast U.S. since it was formed in March 2018.

The company, established by private equity firm LLR Partners, has grown to over 500 employees in Georgia, South Carolina and Florida.

“I am thankful for the trust these companies have placed in us and could not be more excited for the future,” said Rod Roeser, CEO of Eye Health America. “As the eye care industry continues to consolidate, EHA is well-positioned to capitalize on these investment opportunities and help practices navigate the changes to our industry.”

In the coming year, Eye Health America plans to expand into new markets in the Southeast as more eyecare practices turn to private equity for capital, business expertise and relief from administrative burdens, according to a press release from the company. It has also started construction on its new corporate office in Roswell, GA, which is scheduled for completion in the first quarter of 2019.

2018 Practice Acquisitions

  • Clemson Eye (Upstate South Carolina)
  • Dr. Sara Bopp Optometry Practice (Simpsonville, SC)
  • Montgomery & Riddle Eye Care (Upstate and Midlands South Carolina)
  • Piedmont Surgery Center (Greenville, SC)
  • The Surgery and Laser Center at Professional Park (Midlands South Carolina)
  • The Eye Associates (West Florida)
  • Updegraff Laser Vision (Tampa/St. Petersburg, FL)

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Safilo Group Acquires 70% of Blenders Eyewear

Chase Fisher will remain as CEO of Blenders.

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Safilo Group announced the acquisition of a 70 percent stake in the equity of California-based Blenders Eyewear LLC.

Safilo purchased the stake from Chase Fisher, the company’s founding entrepreneur and full owner.

Launched in San Diego, Blenders Eyewear “has built an advanced e-commerce platform with unique digital and social media skills, which has achieved fast and profitable growth thanks to its world-class digital capabilities,” according to a press release. The company generates about 95 percent of its business through its proprietary direct-to-consumer e-commerce platform, more recently complemented by the opening of the first Blenders flagship store in San Diego.

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Blenders Eyewear’s products “are inspired by the California active and progressive lifestyle and offer a compelling price-to-value eyewear proposition, particularly appealing to a broad range of consumers with a focus on Millennials and Generation Z, both female and male,” according to the release.

The brand has fueled its growth through highly social marketing strategies, partnering with influencers, athletes, and lifestyle enthusiasts and arranging product collaborations.

In 2019 the company expects to reach profitable net sales of approximately $42 million, all generated in the U.S. and up around 40 percent compared to the previous year.

Angelo Trocchia, Safilo’s CEO, said: “We are thrilled to welcome to Safilo an inspiring brand like Blenders Eyewear, a fast-growing e-commerce-powered business at the forefront of the latest direct to consumer and omni-channel capabilities, which will enrich our proprietary portfolio with new strong skills and a particular focus on our key US market.”

Chase Fisher, founder and CEO of Blenders Eyewear, said: “This marks a huge step forward for Blenders and we’re excited to be part of Safilo to reach a wider marketplace. Safilo’s product know-how and global distribution capabilities are the perfect complement to our digitally native business model, opening up worldwide expansion potential. We’re on a mission to build a thriving global community that inspires people to live in forward motion.”

Safilo acquired the 70 percent controlling interest in the company, based on a total value on a cash and debt free basis  equal to $90 million. The cash consideration to be paid at closing is subject to customary price adjustments.

Fisher will retain full ownership of 30 percent of the shares and will remain CEO of Blenders Eyewear, which will continue to run out of its San Diego home.

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Sunglass Maker to Cut 295 Jobs and Close Most of Its Daytona Beach Operations

It’s being integrated into the Luxottica profile.

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Sunglass maker Costa Del Mar plans to close most of its operations in Daytona Beach, FL, with 295 jobs to be cut in the process.

The first job eliminations are set to take place on Feb. 7, the Daytona Beach News-Journal reports. Costa employs 350 people in Daytona Beach currently.

In a letter to state, county and city officials, the company cited “changing business needs” as the reason for its decisions.

“Certain sales and marketing functions” will remain in Daytona Beach, the newspaper reports, quoting the latter.

The layoffs will continue through the end of September.

WESH-TV reports that jobs are being moved to New York and California.

Costa was acquired by Essilor in 2014. Last year, Essilor merged with Luxottica, with the combined company being called EssilorLuxottica.

According to WESH, the company said that Costa is “an incredibly special and unique brand” and that “we see great growth potential for it in the future.”

“EssilorLuxottica’s decision to integrate Costa into the Luxottica profile will allow the brand to fully leverage on Luxottica’s strengths in everything from product innovation to manufacturing to supply chain to distribution networks, helping it reach its full potential,” the company said in the statement.

Read more at the Daytona Beach News-Journal

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Kim Kardashian Eyewear Deal to End Early Amid Disappointing Sales

The U.S. launch was a flop.

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A an agreement under which reality TV and social media star Kim Kardashian West promotes an eyewear brand is likely to end prematurely, Israeli news site Haaretz reports.

Kardashian has a two-year deal with apparel retailer Castro to tout Carolina Lemke eyewear. But discussions are underway for the deal to be cut off at the halfway point because of sluggish sales, according to Haaretz.

Kardashian was hired to boost the brand’s U.S. launch in the second quarter of 2019. Kardashian’s deal included a $6 million deal and an ownership share in Carolina Lemke USA.

But the launch was a flop, Haaretz reports. The company reportedly sold only $1 million worth of the eyewear and returned 300,000 pairs to Israel.

Castro released a statement saying: “The company’s Carolina Lemke Limited subsidiary and Ms. Kim Kardashian West are together exploring the option of adjusting the contract terms with Kim Kardashian West and the company she controls, including the matter of the period Kim Kardashian West provides her services.”

Read more at Haaretz

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