FYidoctors Acquires Vision Source’s Canadian Assets and Operations, Forms Licensing Agreement

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Alan Ulsifer, OD, CEO, FYidoctors.

CALGARY, ALBERTA, Canada— FYidoctors, a private, optometry-owned eyecare provider based here with more than 100 locations throughout Canada, has acquired the Canadian assets and operations of and has entered into a licensing agreement with Vision Source, North America’s largest network of private practice optometrists with approximately 2,800 practices.

Vision Source will transfer its Canadian assets and operations, consisting of 95 franchisees, to FYidoctors, including rights to the Vision Source name in Canada through a trademark licensing agreement. The transaction is expected to close on Oct. 1, 2013 subject to certain customary closing conditions. Vision Source and FYidoctors will continue to work closely together through a planned transition period.

The acquisition and licensing agreement is designed to create a long-term relationship between FYidoctors and Vision Source Canada to continually fuel the preservation of independent optometry with eyecare professionals in North America, according to a statement from FYidoctors. The agreement will provide a platform for growth for both organizations by allowing both companies to continue to increase market share in Canada, according to the statement, and it will give Vision Source Canadian franchisees multiple benefits including strengthened buying power, an extensive network of shared knowledge and resources, as well as the Vision Source brand name and marketing support.

 
Glenn Ellisor, OD, executive chairman, Vision Source.

While continuing to operate under the Vision Source name, Canadian Vision Source franchisees will have access to FYidoctors’ exclusive brands, supply chain agreements and its 33,000-square-foot freeform laboratory and distribution center. While Vision Source Canada will be owned by FYidoctors, each will continue to operate as separate business units and brands.

“It has always been the mandate for FYidoctors to ensure that optometrists, not corporations, define what eyecare looks like in Canada,” said Alan Ulsifer, OD, CEO, FYidoctors. “We have invested quite heavily to create unique infrastructure and support platforms to help strengthen the profession and to ensure a competitive advantage in the marketplace. The combination of the franchise model of Vision Source and the collaborative shareholder model of FYidoctors will provide tremendous resources and opportunities for independent eye doctors that simply don’t exist anywhere else in the world today.”

“We are very excited about this agreement with FYidoctors in Canada,” said Vision Source executive chairman Glenn Ellisor, OD. “Canada continues to be a thriving area in our business growth, and to now work even more closely with FYidoctors moving forward, independent optometrists and consumers who need eye exams will benefit even more as they enjoy more shared services and locations of both organizations.”