Latest / The Buyout Show with Fexingo: Private Equity, Roll-Ups, and Business Acquisitions
How Private Equity Is Buying Up Eyecare Chains
In this episode of The Buyout Show, Lucas and Luna examine why private equity is consolidating the eyecare industry — specifically, the roll-up of optometry practices into giant chains. They focus on the 2024 acquisition of Visionworks by a private equity consortium led by New Mountain Capital at a $1.1 billion enterprise value. Lucas explains the economics: how a single independent optometrist generating $800,000 in annual revenue becomes a 40% EBITDA margin business under a PE-backed platform through centralised labs, bulk purchasing of frames, and patient cross-referrals. Luna pushes back…
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