Latest News Toledo Optical Sells Minority Interest to Walman Optical By Staff Friday, December 23, 2011 12:24 AM TOLEDO, Ohio— Toledo Optical, an independently owned wholesale laboratory based here, has sold a minority share to Walman Optical, the largest independent laboratory company in the U.S. The terms of the transaction were not disclosed. Jeff Szymanski, vice president of Toledo Optical.According to Vision Monday’s 2011 Top Labs Report, Toledo Optical generated an estimated $9.9 million in net sales in 2011, with Rx sales of $9.2 million. Walman Optical, which is based in Minneapolis and operates 36 branch labs throughout the U.S., generated estimated net sales of $230 million in 2011, and Rx sales of $108 million. In a joint statement, the two companies said their new relationship will keep Toledo Optical in control of its business, while allowing for additional synergies to take place between them. “Toledo Optical and Walman Optical share very similar business models and philosophies, focusing intently on helping their customers succeed through unique and innovative practice building initiatives,” remarked Jeff Szymanski, vice president of Toledo Optical. Marty Bassett, president and CEO of Walman.Marty Bassett, Walman president and CEO, commented, “This investment will give us an invaluable opportunity to explore other business models from the unique perspective of a minority shareholder.” Walman’s investment in Toledo is its second independent lab acquisition in the past year, following its purchase of Harbor Optical in Traverse City, Mich. Toledo Optical and Walman Optical are members of Global Optics, a buying group for independent labs. The two companies stated that their partnership will “ensure the future success and viability of the independent laboratory model.”