Vienna, Virg., December 1, 2014 — MyEyeDr, announced today the acquisition of Raleigh, N.C.-based Eye Care Associates. The combination of the two established brands will bring an increase in geographic coverage and a continued emphasis on exceptional patient care, executives of the two companies said, regarding the deal. The terms were not disclosed.
Eye Care Associates operates 27 offices throughout North Carolina, with a concentration of those locations in the Triangle region. Based on its prior expansion activities in the state, MyEyeDr will have more than 60 locations across North Carolina with the acquisition.
Dr. Stephen Bolick, founder and CEO of Eye Care Associates told VMail, “We see tremendous synergies and likenesses among the two groups. Both of us are very doctor-driven and patient-centric groups and we’ve both been able to combine those two features with also being good retailers. That’s something hard to accomplish in the eyecare field; we think the fit between the two groups will be terrific.” He added, ““It has been my mission and the focus of Eye Care Associates for the last 36 years to provide North Carolinians with the best patient care possible. This opportunity promises continued success with the ideal partner who puts the patient first.”
“For many years now, MyEyeDr. and Eye Care Associates have pursued common goals and strategies for success,” said Sue Downes, CEO of MyEyeDr, adding,“We are excited to welcome the wonderful Eye Care Associates doctors and staff to help further our goal of providing excellent care and a great selection of eyewear.” She noted that the two groups are “highly complementary, with a similar focus on operational excellence and almost no direct geographical overlap.”
With the closing of the deal today, Bolick will retain a vested interest in the business and serve in advisory role to the board of the company. Robert Brodney, president of Eye Care Associates, told VMail he will continue on as president for six months and then serve as a consultant and advisor to business, working with Downes.
Downes will lead the team managing the newly combined organization. MyEyeDr is actively pursuing other acquisitions of similar scale in new geographies, in addition to ongoing purchases of single and multi-office practices in its core states of D.C., Georgia, Maryland, North Carolina, South Carolina and Virginia. Prior to this latest acquisition, MyEyeDr operated 112 offices; combined with the Eye Care Associates’ offices, the group will be finishing out the year with over 140 offices and almost 1,500 employees, she noted.
In the markets, Downes noted that the Eye Care Associates’ brand would continue for a time. “We want to make sure we have time to educate the community and patient base. Over the next six to 18 months, depending on what’s right and works for each office, we will ultimately transition to the MyEyeDr name,” she added.