DALLAS—Riata Capital Group
announced earlier this month that its portfolio company Acuity Eyecare Group
has acquired two regional eyecare groups: One Hour Optical
of Denver and 20/20 Image Eye Centers
, which is based in the Phoenix market. One Hour Optical operates four full-service locations, including in the cities of Denver, Aurora, Greenwood Village and Thornton, Colo., and one location in the Denver Health Hospital. 20/20 Image Eye Centers has five full-service locations, including offices in Fountain Hills, Tempe, Scottsdale, Glendale and Chandler, Ariz.
The terms of the transactions were not disclosed.
“We are excited to have successfully completed these recent acquisitions,” Jeff Fronterhouse, managing partner of Riata Capital Group, said in the announcement. “They are both strong additions to our existing Acuity portfolio and provide expansion into new markets that are dynamic and growing. Our continued focus will be to support our Acuity family with the important tools and resources needed to provide patients with full-scope professional eyecare and the highest quality product assortment and value.”
In addition, Riata announced that Eric Anderson has been appointed chief executive officer of Acuity. He joins four other senior-level additions to the Acuity team, as Vision Monday reported in January
Anderson most recently was executive vice president at Fossil Group, where he led a $3 billion multi-brand licensed portfolio, and he is a former president and general manager of the LensCrafters North America unit of Luxottica. Fronterhouse said Acuity is “excited to welcome Eric Anderson to the Acuity family as our new CEO. He is a proven industry leader who brings tremendous optical experience, a strategic vision for growth and a relentless focus on developing great talent.”
Acuity owns and operates leading North American eyecare groups and optometric practices, with more than 70 locations across eight states. Acuity also owns a large, full-service digital lab operation, The First Look Lab, located outside of St. Louis.
“We are thrilled to have added One Hour Optical and 20/20 Image Eye Centers to the Acuity family,” Anderson said in the acquisitions announcement. “They are not only well-known and well-respected in their markets, but their patient-focused philosophy truly make them a great fit for us. We are building a terrific culture of people across Acuity, and our highly experienced and talented management team is focused on driving growth and positive momentum in the marketplace.”
Bret Davis, Acuity’s vice president of corporate development, said it was “a pleasure working with Kevin Breslaw of One Hour Optical in Denver, as well as Drs. Tom and Vasvi Babu of 20/20 Image Eye Centers in Phoenix, throughout the acquisition process. We are actively looking for high-potential eyecare groups that share our vision for exceptional patient care, and have a collaborative approach to growing the business,” he added.
Riata also announced that Matt Matthews, who was chief executive of Acuity, will transition into a business development executive role, and will continue to support Acuity through his strong industry relationships and involvement with the Acuity board of directors. Matthews, the former chief executive officer of Crown Vision Center, led the early integration of the initial three regional eyecare groups that were acquired to form Acuity. (In addition to Crown, the other two groups acquired were Eyetique of Pittsburgh and International Eyecare Center of Quincy, Ill.)
One Hour Optical, founded in 1968, was owned by Breslaw, and its top priority is customer care and offers affordable vision services and comprehensive eye exams with caring, knowledgeable opticians, according to the announcement. Drs. Tom and Vasvi Babu founded 20/20 Image Eye Centers in 1996 and offers the highest quality of vision care with courtesy and compassion, according to the announcement. 20/20 Image Eye Centers takes a complete approach to caring for its patients and offers a full-range of optical services, comprehensive eye exams and an extensive line of eyeglasses, sunglasses and contact lenses.
Acuity will continue to expand its market-leading eyecare platform through the acquisition of additional regional eyecare groups and independent optometric practices, according to this week’s announcement. The company expects to grow to more than 100 locations by mid-2018.