Ontario Teachers’ Pension Plan Board (Ontario Teachers’), today announced the acquisition of a majority stake in NVISION Eye Centers (NVISION), a network provider of comprehensive eye care services in the Western USA.
NVISION founder, Dr. Tom Tooma, will retain a significant minority position in NVISION, serve as the Chief Medical Officer and a Member of the Board of Directors. Terms of the transaction are not being disclosed.
Founded in 2010 by Dr. Tooma, NVISION has 43 locations, including eight ambulatory surgery centres, across 5 US states including California, Nevada, Oregon, Washington and Arizona.
The NVISION team of surgeons have performed more than two million cataract and refractive surgeries.
“We are thrilled to have the opportunity
to partner with such an experienced team at Ontario Teachers’. NVISION’s focus
has always been on providing excellent clinical and surgical outcomes by a team
of surgeons and staff who really care. The experience and the financial
resources of the team at Ontario Teachers’, combined with the expertise of our
management team led by our CEO Chris Karkenny, will enable us to accelerate our
growth by deepening and expanding our geographic presence while continuing to
focus on offering exceptional eye care services,” said Dr. Tooma.
“Our investment in NVISION is supported by demographic and health factors that are increasing demand for high-quality eye care. The company is well-positioned in this market given their outstanding clinical reputation built on exceptional outcomes for their patients,” said Karen Frank, Senior Managing Director, Equities at Ontario Teachers’. “We look forward to working with Dr. Tooma and the management team as they embark on the next phase of growth for the business.”
Previous investments by Ontario Teachers include dental, veterinary and dermatology clinics. According to the 2019 Annual report, there are no optometry or other vision care companies on their list of private investments over $200 million.
FYidoctors announces
the strategic minority equity investment received from L Catterton in March 2020
has been named Americas Private Equity Deal of the Year by the Global M&A
Network.
The Annual
Americas M&A Atlas Awards is administered by the Global M&A Network and
recognizes the achievements of successful dealmakers, outstanding firms and the
best-growth delivering transactions.
The
accolade follows a busy year for FYidoctors. The brand continues to showcase
resiliency among the uncertainness that the COVID-19 pandemic has brought to
the world and healthcare industry through their continued expansion in eye care
and growth of the medical aesthetic division of the business.
“On behalf
of over 550 optometrists and 2,700 FYidoctors staff, we send our sincerest
congratulations to the team at L
Catterton on the receipt of this prestigious award,” said Dr. Alan Ulsifer, CEO
and chairman of FYidoctors. “We are pleased to be part of their success and are
humbled to see our doctor-led approach to eye care get this sort of attention.”
Transitions Optical in Canada will
be partnering with the Opticians Association of Canada (OAC) to offer new
educational offerings from Transitions Optical beginning Wednesday, December 9
and running through the month of December. The new courses will give participants
the opportunity to hear the latest education from industry experts and fulfill
their required education credits before the year’s end.
The event will begin on
December 9 with a live offering of the accredited course, Photochromics 101,
given in English by OAC President Robert Dalton at 7pm ET/6pm CT. A French
offering of the course, given by Dr. Germain Dupuis, will be available
on-demand.
Additional courses being
offered on-demand through the OAC app include:
Accredited:
X,Y,Z Boom … Eyecare for Every Generation
English
given by Dr. Kiran Ramesh
Accredited:
The Bright Side of Kidz
English
given by Dr. Diana Monea
Finding
the Style in Lenses
English
given by Optician Sheena Taff
“As the unique year of 2020
comes to a close, we are pleased to be able to offer a variety of educational
resources for our partners to build momentum and accelerate together into 2021,”
said Arnaud Rajchenbach, marketing manager, Transitions Optical in Canada.
My Vision Show, has announced the “Be the Face of Your Brand” Live Stream Event on December 6th at 7 PM (EST) will feature Wendy Buchanan, Optician and Image Consultant and a regular fashion eyewear contributor to Optik Magazine and Brand Ambassador for IMAGINEM.
Wendy
will host the interactive session and share her secrets in accessorizing eyewear
with fashion personality and her proven formula for styling multi-pair sales even in a pandemic.
Event organizers are inviting eyewear fashionistas to bring their favourite eyewear that express their visual brand and passion for creative eye wear.
The live event will be held Sunday December 6th at 7 PM (EST). Event capacity is limited to 50, so early registration is recommended.
IMAGINEM, a new eyewear fashion publication exclusively focused on independent eyewear for independent eyecare practitioners, and The Eyewear Artwalk are event sponsors.
The EyeWear ArtWalk is a unique independent frame show combing art created by optical professionals and with the opportunity to meet the minds behind creative independently designed fashion frames. MyVisionShow will bring the the EyeWear ArtWalk touring event into the digital realm for the first time .
About MyVision Show: MyVisionShow is digital event comprised of experts in optical frames, ophthalmic lenses, business services and development, continuing education and virtual technology for opticians, optometry and the entire eyewear and eye care industry.
The goal of MyVisionShow is to empower exclusive eye care business owners, entrepreneurs and medical professionals looking for a competitive edge in their market.
Through a partnership with IRIS in 2016, BC Optician Phil Mattes, was able to immediately unlock a substantial part of the equity in his optical business.
The IRIS partnership then enabled the business to add optometric services to the practice, creating additional value and facilitating a successful exit strategy and retirement for Mattes.
Here is a look at Phil’s journey with IRIS, and the challenges and successes he faced along the way.
Retirement Planning – Get an Early Start At 62, Phil was starting to think about retirement. His store, Optix, was an attractive street-level store on Marine Drive in Vancouver, and he decided it was time to start thinking about selling the store.
Since exit planning can often take 5-7 years or longer to implement, Phil knew he needed to find a strategy soon. His advice: “You have to prepare for this years before and have a plan and start early, and not wait until the time you want to retire.”
Phil’s first thought was to sell the business to the current staff. He had the business professionally appraised and offered his staff the opportunity to buy the store. After a substantial discussion, the staff ultimately decided not to pursue the opportunity.
Opportunity Knocks Phil told a colleague about his staff’s decision not to buy, and word travelled fast, as it often does in the optical world. Soon afterwards, he got a call from IRIS about the possible sale of his business and took them up on a lunch meeting.
IRIS was able to offer him the value of the appraisal that he had previously commissioned, so he moved ahead with the acquisition process.
Phil signed the agreement with IRIS in February 2016; IRIS would purchase 75% of the business, and Phil would continue to own 25% for the next three years.
Phil received a significant portion of the cash up front, with future payouts that would vary depending on sales performance over the three-year “earn-out” period.
Transforming an Optical to Full Service Eyecare Prior to the partnership, Phil did not have an in-store optometrist.
He relied upon referrals from local ophthalmologists and walk-in prescriptions.
The IRIS partnership resolved this challenge by transforming his optical store into a full-service eye care and eyewear practice, with the addition of in-house optometric services. There were significant changes required to complete the transformation.
IRIS added a pre-test room and refractive and diagnostic equipment in order to fully outfit an optometric lane at the location. Although it required some shuffling, Phil was happy with the result. The stage was now set for expanding the practice and building greater value in Phil’s remaining equity.
Business and Personal Challenges Another adjustment stemmed from the difference between the frames Optix and IRIS sold.
When he explained that clients come to Optix because of the unique frames they carried, Phil was able to reach a compromise with IRIS. The store would let go a few of the lines but kept the top performers to satisfy discerning clients.
One of the biggest challenges for Phil was the transition from a paper-based office to electronic records.
There were a few late nights learning the new system.
Fortunately, one of his longtime staff had worked for IRIS in the past and was able to transition to the new system quickly.
It was also a challenge for Phil to go from an owner, to a management position and then part-time staff: “It’s a tough transition going from owner-boss-manager to a part-time person. And that’s a big adjustment for me because I still like to call the shots. But you have to adjust to that.” He saw it as a necessary step on the road to leaving the store completely in his retirement.
The End Result Overall, Phil found extra security in partnering with a large corporation, particularly with the knowledge he had a new safety net in case things go wrong—as well as having a successfully implemented retirement plan.
The greater spending power and the resources that a well-financed partner brought to the table was a relief from the uncertainty he’d sometimes felt as the sole owner of the business.
Ultimately Phil was happy with the decision he made: “It’s been a good experience, challenging adjusting to the new stuff from IRIS, but I really look at it this way. I win, IRIS wins, so it’s a win-win situation. Everyone’s happy with this. You can’t ask for a better situation than that.”
Today, Phil is fully retired.
He is enjoying “cabin life” in Manitoba, which includes golfing, fishing and the occasional cabin maintenance chore.
Looks like there’s Pickerel for dinner tonight!
IRIS the Visual Group provided Eye Care Business Canada with unconditional access to four Eye Care Practitioners who completed a partnership agreement and/or transaction with the group. Each partner story provides an insider’s view to the acquisition; challenges faced, obstacles overcome and the final results.
Experience the pinnacle of eye care education at Vision Expo West. This September’s educational program is now unveiled offering attendees new insights and knowledge on a diverse range of topics, from disease management and practice growth to lens innovations, the latest eyewear trends and more.
Introducing the BITTER sunglasses from the Odd Fruits capsule collection; a women's model with a handcrafted frame made of high-quality Italian acetate.
AYA announces the launch of their latest collaboration, "Iris" – a new addition to their eyewear collection that honours the rich tapestry of indigenous art with a distinct nod to fashion.
Experience the pinnacle of eye care education at Vision Expo West. This September’s educational program is now unveiled offering attendees new insights and knowledge on a diverse range of topics, from disease management and practice growth to lens innovations, the latest eyewear trends and more.
Introducing the BITTER sunglasses from the Odd Fruits capsule collection; a women's model with a handcrafted frame made of high-quality Italian acetate.
AYA announces the launch of their latest collaboration, "Iris" – a new addition to their eyewear collection that honours the rich tapestry of indigenous art with a distinct nod to fashion.
Experience the pinnacle of eye care education at Vision Expo West. This September’s educational program is now unveiled offering attendees new insights and knowledge on a diverse range of topics, from disease management and practice growth to lens innovations, the latest eyewear trends and more.
Introducing the BITTER sunglasses from the Odd Fruits capsule collection; a women's model with a handcrafted frame made of high-quality Italian acetate.
AYA announces the launch of their latest collaboration, "Iris" – a new addition to their eyewear collection that honours the rich tapestry of indigenous art with a distinct nod to fashion.
Experience the pinnacle of eye care education at Vision Expo West. This September’s educational program is now unveiled offering attendees new insights and knowledge on a diverse range of topics, from disease management and practice growth to lens innovations, the latest eyewear trends and more.
Introducing the BITTER sunglasses from the Odd Fruits capsule collection; a women's model with a handcrafted frame made of high-quality Italian acetate.
AYA announces the launch of their latest collaboration, "Iris" – a new addition to their eyewear collection that honours the rich tapestry of indigenous art with a distinct nod to fashion.