The EyeQ Optometrists network is being sold to EssilorLuxottica, in a significant deal involving 25 practices.
On Friday 5 January, it was announced EyeQ Operations Pty Ltd – the owner of EyeQ Optometrists practices – would be purchased by Luxottica Retail Australia Pty Ltd (EssilorLuxottica), subject to the key terms of the transaction being met.
“As EyeQ Optometrists grew in size and reputation, there have been regular approaches from interested parties regarding the potential to amalgamate, merge, or be purchased, to create a larger sustainable business,” EyeQ said in a statement.
“After numerous interactions, EyeQ Optometrists have agreed to a transaction which will be good for the future of the company, their employees and patients.”
EyeQ is currently described as an Australian-owned, optometrist-led company. Founded in 2007, it has been led by a team with extensive optometric experience, with the foundation practices in operation for more than 40 years.
The network has since expanded across the country, with the majority located in NSW where EyeQ has a presence in Sydney and notably down the NSW coast, as well as some regional areas like Bathurst, Young and Cootamundra. EyeQ also has several locations in Victoria, mainly in suburban Melbourne, and one practice in Queensland, ACT and South Australia, respectively, and two in Western Australia.
While the business ownership will change, EyeQ said “significant and important elements will be retained”.
Namely, practice names will not change, with the EyeQ brand remaining in place. EyeQ employees will continue with the business while the EyeQ national office merges in future with the Luxottica support office located in North Sydney.
EyeQ said it had made this decision to ensure the company and employees continued to deliver the same high quality and specialised eyecare for their patients.
“EssilorLuxottica also believes that EyeQ Optometrists has the potential to continue to expand the brand,” EyeQ’s announcement said.
“EyeQ Optometrists see many benefits for the future with the significant resources available through EssilorLuxottica. These also include benefits to EyeQ employees such as broader career opportunities, education, training and volunteer programs, to name just a few.”
In a statement to Insight, EssilorLuxottica confirmed it had signed a conditional sale and purchase agreement to acquire EyeQ Optometrists.
“Given the presence of EyeQ Optometrists stores across the country and the complementary nature of its practice network, this move bolsters EssilorLuxottica’s strategy to invest in and support the retail industry, and at the same time provide premium eyecare services to even more Australians,” the company said.
EyeQ Optometrists and EssilorLuxottica leadership are working to ensure a smooth transition for the EyeQ business.