Brazos to Sell Vision Source to Essilor of America, but not Vision Source Canada
Brazos Private Equity Partners, a leading Dallas-based private investment firm, has agreed to sell its portfolio company, Vision Source, to Essilor of America, a subsidiary of Paris-based Essilor International. Completion of the transaction is expected in the third quarter of 2015, subject to the satisfaction of customary closing conditions.Founded in 1991 by Glenn Ellisor, O.D., Vision Source is North America's largest member alliance that provides a platform of products and services to independent optometrists. The clinicians in the Vision Source member alliance enjoy access to newly evolving patient channels, including an expanding list of leading medical groups and integrated health systems with whom Vision Source optometrists collaborate. Additionally, members benefit from a wide range of innovative technologies, practice management tools, strategic marketing, and supply chain programs and services.Jeff Fronterhouse, co-CEO and co-founding partner of Brazos, said, “We are very pleased with our successful investment in Vision Source. Under our ownership and in partnership with a very talented management team, the company has experienced strong performance and impressive growth. Vision Source has had particular success connecting its member optometrists with integrated health organizations that are looking for innovative provider groups to support improved population health management outcomes. We are very appreciative of executive chairman Glenn Ellisor, CEO Jim Greenwood and the rest of the leadership team at Vision Source. They have done an outstanding job in building the company into a market leader and developing innovative ways to deliver enhanced value to the company's members.”“Vision Source Canada remains independent from Vision Source USA (Essilor) and completely under the control of FYidoctors as per the acquisition in 2013. We have not been involved nor are we principals in this transaction,” specifies FYidoctors CEO and President Dr. Alan Ulsifer. “Through a trademark and licensing agreement, FYidoctors has the right to the name and certain intellectual property of Vision Source USA. We will continue using the Vision Source name and other assets under the new ownership as long as our board and optometrists see continued value in doing so. FYidoctors remains a completely independent company, owned and controlled by doctors. We wish all of our colleagues in the U.S. the best and, like many, will be eagerly watching to see how this unfolds in the hope that the effect will be a positive one.”The transaction marks the second successful exit by Brazos of a healthcare investment this year. In April, Brazos sold its portfolio company Healthcare Solutions to Catamaran Corporation, a leading provider of pharmacy benefit management services and technology.
