George & Matilda Eyecare (G&M) is set to pass the 100-practice milestone with the major acquisition of 26-practice optometry network, National Optical Care.
The acquisition, subject to key terms of the transaction being met, is G&M’s biggest yet and coincides with its eighth anniversary. Previously, the network’s largest purchase was one of its very firsts: Eyelines, a 10-practice business in Tasmania in 2016.
In the National Optical Care deal, while business ownership will change, its practices will retain their local brand identities and there will be no changes to its team or their employment conditions, a joint- statement said.
At the completion of the transaction, the G&M network will increase to more than 120 practices, servicing over 140 communities through its various outreach programs, with a team of more than 600 people across Australia.
“I am delighted to announce the merger with National Optical Care,” G&M CEO Mr Chris Beer said. “This merger creates a much larger community of like-minded optometry practices.
“Our investment allows our partners to continue to grow, while giving them access to back-end support like best-available technology, data analytics, targeted marketing, human resource support, increased buying power and supply chain support.”
He added that G&M supported its partners in maintaining their local clinical independence.
“Everyone is unique and independent and that is just the way we want it to stay.”
National Optical Care entered the scene a few years ago after acquiring its first 14 practices between November 2020 and January 2021. Around the same time, it formed a partnership with the EyeQ Optometrists, bringing a total national network of 40 practices for the combined entity.
EyeQ and National Optical Care then parted ways in 2022 after a two year alliance, with the former going on to be acquired by EssilorLuxottica in January 2024.
National Optical Care founder and managing director Mr Tomas Steenackers said after exploring various options, G&M is a business that is most aligned to its values and passion for delivering the “highest possible standard of specialised eyecare to patients and local communities”.
“This is a merger of two aligned, patient-focused optical businesses and the merger will be good for the future of our employees, our patients and our communities.”
National Optical Care practices are located across the east coast of Australia, with 15 practices in Queensland, six in NSW, three in ACT and two in Tasmania.
G&M said it remained “proudly Australian owned and operated and is now the largest independent optical care provider in Australia”.
Beer said G&M was currently in discussions with more prospective partners across Australia and is expected to make further announcements over the coming weeks and months.
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