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VSP Retail: Entering into a Definitive Agreement to Acquire Visionworks
As you have likely seen or read, VSP Global® announced today that it has entered into a definitive agreement to acquire Visionworks, subject to completion of regulatory approval. This is an investment that takes a significant leap forward in meeting the expectations of clients who can deliver new patients to our network.
This announcement signifies the speed with which the marketplace is changing and is another example of how VSP is continuing to strategically move closer toward realizing our vision of providing more access to affordable, high-quality eye care and eyewear to as many people as possible.
You may have questions about why Visionworks and why now. As we’ve shared before, VSP Global has had its sights set on new retail development, acquisition, joint venture, and partnership opportunities as part of our long-term strategy. Visionworks gives VSP an important new option in better competing against other major optical companies to grow clients and members who have clearly said they need retail options. Visionworks delivers on those needs, specifically addressing consumers that prefer the convenience, personalization, customer service, access, and on-demand experience that retail offers.
That said, this strategy is about growth, not replacing independents. Growth that enables us to win clients and membership, which leads to more patients in your practice.
We’ve been clear from the start that our focus is to win more patients for Premier Program locations. Private practices represent the core of that group. The vast majority of patients trust private practice for their eye care needs. In fact, data shows that 50% of patients with VSP coverage are visiting a Premier Program location for their eye care and eyewear. That’s why we’re continuing to invest heavily in the Premier Program, creating additional opportunities for private practice to compete and differentiate.
More information will be available in the coming months as details of the acquisition are finalized and approved. In the meantime, please visit JustTheFactsVSP.com to learn more about this announcement.