VSP Global announced Thursday it had entered into an agreement to acquire Visionworks, the country’s sixth-largest optical retailer.
VSP said the deal, for an undisclosed sum, marks the largest investment made by the Rancho Cordova-based optical health insurance company in its 65-year history, according to a news release issued by the company.
The acquisition is still subject to regulatory approval and representatives from the vision health care conglomerate would not comment on the terms or price of the agreement.
“This transaction is highly complementary to our business and marks a significant leap forward in continuing to fulfill our vision to provide access to affordable, high-quality eye care and eyewear to more people,” President and CEO of VSP Global Michael Guyette said in a prepared statement. “With expanded nationwide access, we’ll provide our clients and members with an option for a more substantial, consistent and sustainable retail experience, further enhanced by the professional care of VSP network doctors.”
Visionworks, based in San Antonio, Texas, has 700 stores in 40 states and employs about 8,000 people, according to the release.
“We are aligned with VSP’s values and our shared commitment to help people see,” Visionworks CEO Pete Bridgman said in a prepared statement. “Grounded in our passion to deliver affordable quality eye care in a simple way, and strengthened by our new partnership with VSP, we will focus on advancing patient care and accessibility.”
VSP has operated in the capital region since 1968 and employs about 3,088 people in the region out of its 6,300-person global workforce. VSP has almost 90 million members members in the country and as of June 4, the company had about 200 open positions in the Sacramento area.
Earlier this week, VSP said it would open its first two Eyeconic storefronts in Chicago, marking its entry into brick-and-mortar retail.
The company recently announced it will be moving its innovation center from Boulevard Park to the Cannery in East Sacramento.