Like most business sectors this past year, even against the backdrop of another year of the COVID pandemic, the optical industry was abuzz with breaking news as mergers and acquisitions dominated the news cycle in 2021. For the record, Vision Monday issued over 30 Breaking VMAILs this year, recording page views in the thousands. EssilorLuxottica and Warby Parker, two of the industry’s biggest and most popular optical players, dominated the top 10 with several entries for both companies. Other developments from MyEyeDr., New Look Vision Group and HEA/PECAA joined them. Here are Vision Monday’s top 10 Breaking VMAIL news stories for 2021.

1

1. EssilorLuxottica to Acquire Walman, the Largest Independent Lab Group in the U.S.



CHARENTON-LE-PONT, France, and MINNEAPOLIS, Minn.—EssilorLuxottica entered into an agreement on March 25 to acquire Walman, the largest independent optical laboratory group in the U.S. The terms of the agreement were not disclosed. Walman, which is employee-owned and operated, has long been a top wholesale distributor of Essilor lenses in the U.S. It has been a leading partner to vision care practices around the country since its founding in 1915. Headquartered in Minneapolis, Minn., the diversified company operates a network of 35 facilities across the U.S., including prescription lens-finishing labs and hubs for optical instruments and other vision care products.
Read More



2. Rx Optical Will Partner With MyEyeDr.



VIENNA, Va.–Rx Optical, with 54 locations across Michigan and Indiana, announced on May 3 that it was partnering with the MyEyeDr. family of practices. The deal will bring the total MyEyeDr. office count to 731 over 26 states and the District of Columbia. Details of the transaction were not disclosed. The partnership further solidifies the presence of MyEyeDr. in the Midwest. Since partnering with Goldman Sachs Merchant Banking in 2019, MyEyeDr. has added 185 offices to its list of optometric practices focused on the vision health care needs of a diverse patient base across the country, the company said.

Read More



3. Warby Parker Launches Virtual Vision Test, Enhanced Eyeglass and CL Rx Renewal App



NEW YORK—Warby Parker significantly expanded its telehealth services on July 19 by introducing Virtual Vision Test, a new and updated app that allows users to update both eyeglass and contact lens prescriptions. It is a one-stop solution for renewing an eyeglass or contact lens Rx using only an iPhone from anywhere, anytime. The test, which will cost $15, launches to the public on July 19. The test in the app is a new iteration of the Prescription Check app that Warby introduced in 2017. The company noted that the new Virtual Vision Test app is powered by a proprietary distance estimation algorithm that its in-house team developed using Apple’s Vision Framework.

Read More



4. Healthy Eyes Advantage (HEA) Acquires Professional Eye Care Associates of America (PECAA)



BOCA RATON, Fla.—Healthy Eyes Advantage (HEA) announced on July 29 that it had acquired Professional Eye Care Associates of America (PECAA), expanding its commitment to the independent eyecare channel and increasing the size of the community it serves to 12,000 independent eyecare professionals (IECPs) across all 50 states. The acquisition was completed on July 27. Financial terms were not disclosed. PECAA was founded in Portland, Oregon, in 2006 by three independent optometrists. Over the past 15 years, the company has grown from a small, Northwest based organization to one of the nation’s premier doctor alliance groups serving nearly 2,000 independent ECP members.

Read More



5. EssilorLuxottica and CooperCompanies Announce Joint Venture for Acquisition of SightGlass Vision and Move to Expand Myopia Management Category



CHARENTON-LE-PONT, France, and SAN RAMON, Calif.—EssilorLuxottica (Reuters: ESLA.PA) and CooperCompanies (NYSE:COO), two of the world’s leading vision care companies, said on February 4 that they had entered into an agreement to create a 50/50 joint venture for the acquisition of SightGlass Vision, a U.S.-based life sciences company focused on developing innovative spectacle lenses to reduce the progression of myopia in children. EssilorLuxottica and CooperCompanies will leverage their shared expertise and global leadership in myopia management to accelerate the commercialization of SightGlass Vision spectacle lenses.

Read More



6. New Look Vision Group to Acquire Luxury Optical Holdings, Creating Largest Network of Premium Locations in North America





MONTREAL, Quebec and NEW YORK—On November 30, New Look Vision Group announced that it had entered into a definitive agreement to acquire New York based Luxury Optical Holdings (LOH). With its existing luxury optical presence in Canada, its prior acquisition of Edward Beiner Group in 2020 and the previously announced partnership with Black Optical earlier this year, New Look Vision Group is now one of the leading luxury optical groups worldwide. The LOH acquisition will more than double New Look's footprint in the U.S., the company said.

Read More


7. Warby Parker Outlines Plans for Growth, Store Expansion and Evolution to a ‘Holistic’ Vision Care Company as it Readies Public Stock Offering





NEW YORK—In an optimistic and upbeat two-hour webcast presentation on September 13, Warby Parker Inc. co-founders and top executives laid out their plans for strong growth, including expansion of the physical store base, their ongoing philanthropic efforts and the company’s planned evolution to a more “holistic” vision care company that drives a larger share of revenue from eye exams and contact lens sales. The investor presentation followed the August registration filing with the Securities and Exchange Commission for a direct listing of Warby Parker’s Class A shares.

Read More


8. Lincoln Road Advisors Acquires U.S. Vision Optical Business from ACON Investments





GLENDORA, N.J.—On March 2, Lincoln Road Advisors Inc., an investment company operated by optical industry veteran Eric Bertrand, acquired the holding company Refac Optical Group, which owns the U.S. Vision optical business, from its majority owner ACON Investments. U.S. Vision operates roughly 375 optical locations in licensed retail spaces at J.C. Penney, Meijer, Boscov’s and Optical Center/AAFES Exchange locations. Bertrand, a former chief executive of OptiCare Health Systems of Connecticut and Vision Center at Meijer, confirmed the acquisition by Lincoln Road to VMAIL. He is the principal at Lincoln Road, and also manages the digital marketing agency Mod Op.

Read More


9. Warby Parker Shares Hit the NYSE and Get Off to a Flying Start, as Offering Values the Company at Almost $6 Billion





NEW YORK—After ringing the bell to open trading on the New York Stock Exchange (NYSE) on the morning of Sept. 29, Warby Parker Inc. executives saw shares in the company get off to a flying start via their nontraditional direct listing. The opening trade in Warby Parker (ticker symbol WRBY) was priced at $54.05 per share, which valued the company at about $6 billion. That market cap valuation moved even higher as shares subsequently hit an intraday high of $54.72 in trading on the NYSE. Warby Parker shares closed the first day of trading at $54.29.

Read More


10. Warby Parker Files Registration for Proposed Direct Listing of its Shares on NYSE, Filing Details Sales and Income as 'Emerging Growth Company'





NEW YORK—Warby Parker Inc. announced on August 24 that it had publicly filed a registration statement on Form S-1 with the Securities and Exchange Commission (SEC) relating to the proposed public listing of its Class A common stock. The Form S-1 is expected to become effective after the SEC completes its review process, subject to market and other conditions. Warby Parker intends to list its Class A common stock on the New York Stock Exchange under the ticker symbol “WRBY,” according to its announcement.

Read More