Luxury Optical Holdings Continues Its Acquisitive Expansion with the Purchase of Specs Optical in Minneapolis

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LAS VEGAS—Continuing its string of acquisitions in the luxury optical sector, Luxury Optical Holdings (LOH), based here, has acquired Specs Optical, a single-unit, luxury optical store located in a shopping district approximately a 15-minute drive from downtown Minneapolis. The addition of Specs Optical, LOH’s first in the Minneapolis market, brings LOH’s overall store count to 50.

In its current location for almost 30 years, Specs Optical will retain its name and its employees. The previous owners, John Oliva and Nancy Krant, will not be staying in the business. The acquisition was completed Tuesday Jan. 21, 2014. The purchase price was not disclosed.

“We are very excited to move into this fantastic market, where we previously were without a presence,” Glenn Reisch, LOH’s president, told VMail. “LOH wants to be the luxury retailer in each of the top markets in the U.S., and acquiring Specs catapults us into that position in Minneapolis. As we look to be the most specialized and differentiated player in each market, this store was a perfect target, and it will undoubtedly be an excellent location for the continued growth of our own collection, Morgenthal Frederics.”

With its primary focus on growth through acquisition, LOH acquired Opticians 3 in December, as reported by VMail Dec. 9, 2013, and Leonard Opticians in September, as reported by VMail Sept. 20, 2013.

Reisch described the company’s goals for 2014: “We continue to look for opportunities to grow via acquisition into the A-plus markets in the country, so we can elevate our status as the luxury leaders in eyewear. We look forward to continuing the growth of our own brand, Morgenthal Frederics, and our overall optical business, both in the stores carrying the Morgenthal name and all LOH doors throughout the country. By creating and selling frames and lenses under our own brand, we continue to separate ourselves in a crowded marketplace.”

Luxury Optical Holdings ranked as the 20th largest optical retailer in the country in Vision Monday’s 2013 Top 50 U.S. Optical Retailers.