Industry News
EssilorLuxottica Acquires EyeQ Optometrists Network
Luxottica Retail Australia Pty Ltd (EssilorLuxottica) has entered into a conditional sale and purchase agreement to acquire EyeQ Operations Pty Ltd, the owner of the EyeQ Optometrists network, in a significant deal involving 25 practices. This move is aligned with EssilorLuxottica's strategy to invest in and support the retail industry, providing premium eyecare services across Australia.
EyeQ Optometrists, an Australian-owned and optometrist-led company founded in 2007, has accepted the transaction as a positive step for the company's future, its employees, and patients. The decision to sell comes after regular approaches from interested parties seeking to amalgamate, merge, or purchase EyeQ, aiming to create a larger sustainable business.
Despite the change in ownership, significant elements will be retained to ensure continuity and quality service. Notably, the practice names will remain unchanged, and the EyeQ brand will stay in place. All EyeQ employees will continue their roles, and the EyeQ National Office is set to merge with the Luxottica support office in North Sydney in the future.
EssilorLuxottica recognizes the potential for further expansion of the EyeQ Optometrists brand, particularly in geographic areas it does not currently serve. The acquisition is seen as a strategic move to bolster EssilorLuxottica's presence across the country, leveraging EyeQ's strong local footprint.
The leadership teams of EyeQ Optometrists and EssilorLuxottica are working collaboratively to ensure a smooth transition for the EyeQ business. EyeQ's Executive Chairman, Ray Fortescue, expressed confidence in the decision, emphasizing that the transaction will benefit the company, its employees, and patients alike.
This acquisition comes at a time when EyeQ has been actively pursuing sustainable growth, making strategic changes to its business operations. In 2023, EyeQ ceased its relationship with National Optical Care, closed two satellite practices, and rebranded all 25 practices as EyeQ Optometrists. The company also implemented advanced technologies, including the Optomate Touch Practice Management System and RFID technology, to enhance efficiency in stock management.
As EssilorLuxottica brings its significant resources to the table, EyeQ employees can anticipate broader career opportunities, educational initiatives, training programs, and volunteer opportunities. The acquisition aligns with both companies' commitment to exceptional care and positions them for continued success in the dynamic eyecare industry.
