FYidoctors Acquires Canadian Division of Vision Source

Canadian eyecare provider FYidoctors announces that it has acquired the Canadian assets and operations and have entered into a licensing agreement with Vision Source, North America's largest network of private practice optometrists, with approximately 2,800 practices.   Vision Source will transfer its Canadian assets and operations, consisting of 95 franchisees, to FYidoctors, including rights to the Vision Source name in Canada through a trademark licensing agreement. The transaction is expected to close on October 1, 2013, subject to certain customary closing conditions. Vision Source and FYidoctors will continue to work closely together through a planned transition period.   The acquisition and licensing agreement is designed to create a long-term relationship between FYidoctors and Vision Source Canada to continually fuel the preservation of independent optometry with eyecare professionals in North America. This combination will provide a tremendous platform for growth for both organizations and will allow both companies to continue to increase market share in Canada, according to a statement from FYidoctors.   While continuing to operate under the Vision Source name, Canadian Vision Source franchisees will also now be able to leverage the many benefits that FYidoctors has to offer, including its 33,000-square-foot freeform laboratory and distribution centre and access to several exclusive brands and supply chain agreements. While Vision Source Canada will be owned by FYidoctors, FYidoctors and Vision Source will continue to operate as separate business units and brands, providing Canadian optometrists with the strength and value of two entities regardless of how they choose to practice as independent eyecare professionals.   "It has always been the mandate for FYidoctors to ensure that optometrists, not corporations, define what eye care looks like in Canada," said Dr. Alan Ulsifer, CEO of FYidoctors, recently nominated by his peers in the Canadian optical industry in the trailblazer category of a contest organized by the magazine Envision: seeing beyond (September/October edition). The combination of the franchise model of Vision Source and the collaborative shareholder model of FYidoctors will provide tremendous resources and opportunities for independent eye doctors that simply don't exist anywhere else in the world today," he added. "We are very excited about this agreement with FYidoctors in Canada," said Vision Source Executive Chairman Glenn Ellisor, O.D. "Canada continues to be a thriving area in our business growth, and to work even more closely with FYidoctors moving forward, independent optometrists and consumers who need eye exams will benefit even more as they enjoy more shared services and locations of both organizations."