VSP Vision and PECAA Join Forces; Expand Commitment to Independent Eye Care Professionals
The industry's two largest supporters of independent eye care professionals are uniting to ensure the continued success and growth of private practice. Today, VSP Vision™ announced the acquisition of Professional Eye Care Associates of America (PECAA) from Nautic Partners. PECAA will continue to operate independently and be led by doctors, for the benefit of all independent eye care professionals.
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Serving more than 12,000 members, PECAA is the nation's largest community of independent eye care professionals. Since 2006, PECAA has delivered member-focused business services, group buying power to reduce costs, and a community of peers offering a network of support.
"The critical role of today's independent eye care professional cannot be overstated. Private practice remains the preferred choice for 75 percent of VSP's more than 85 million members and the destination for most patients across the country," said VSP Vision President and CEO Michael Guyette. "By joining forces with PECAA, our complementary organizations will further secure the future of independent eye care in an increasingly competitive market and ensure continued support, growth, and opportunity."
Providing immediate value from the partnership, a variety of introductory benefits and exclusive offers are available to PECAA members and practices participating in the VSP Vision Premier Program, effective October 1st. More details can be found here. PECAA members will not experience any changes to their membership and will continue to enjoy both alliance and buying group benefits.
"PECAA was founded to protect and promote independent eye care, a mission that we have embraced for more than 15 years, and which is only strengthened by our new collaboration with VSP Vision," said PECAA co-founder and Chief Strategy Officer Lance Anderson, OD. "The combination of PECAA's deep understanding of the needs of independents and VSP's vast resources will allow us to provide next-level support in positioning our members for success and will keep PECAA members at the forefront of shaping a constantly evolving market lndscape."
Over the next three months, the two organizations will communicate more about their shared vision to support independent eye care through an expanded calendar of PECAA's live and virtual events, including its peer-to-peer gatherings. Being held across the country and online, these events will offer an opportunity to hear from PECAA members about what new support and solutions the organizations can bring to market in 2023 and beyond. Details on the event schedule and locations will be announced in the coming weeks.
"As a doctor-led organization, PECAA looks forward to collaborating with VSP to deliver exclusive value, greater choice, and unmatched support to independent eye care professionals," added PECAA Chief Member Experience Officer Justin Manning, OD, MPH, FAAO. "Together, we are eager to put our unique capabilities and shared vision for delivering business support to work for this essential group of providers, helping enhance their practice and business success while always keeping doctor-patient decision-making at the center of eye care delivery."
PECAA Chairman and CEO Jim McGrann will continue to serve in his role through the end of 2022 to ensure a smooth transition, at which point he will depart the organization. All other members of PECAA's leadership team and staff will continue in their respective roles.
"VSP Vision is the absolute right partner for PECAA, especially given the rapid state of change in eye care," said McGrann. "The strength of the PECAA - VSP Vision combination will enable us to collaborate with our members in new ways to create a bright future for independent eye care professionals."
Keith Farrow, Managing Director at Nautic Partners, added, "It has been our pleasure to work with the leadership team at PECAA over the last five years, and we are excited about PECAA's next phase in joining forces with VSP Vision to support independent eye care professionals. Under the leadership of PECAA Chairman and CEO Jim McGrann, PECAA has developed and supported the nation's largest community of independent eye care professionals and launched innovative offerings delivering enhanced value to its members. We are confident that PECAA joining forces with VSP Vision will further elevate the value delivered to independents nationwide."
CapM Advisors served as financial advisor and Locke Lord LLP acted as legal counsel to PECAA and Nautic Partners.
About VSP Vision
At VSP Vision, our purpose is to empower human potential through sight. As the first and only national not-for-profit vision benefits company, this is what drives everything we do. For more than 65 years, VSP has been the leader in health-focused vision care. Every day, the people who power our complementary businesses (VSP® Vision Care, Marchon Eyewear, Inc., Visionworks®, Eyefinity®, Eyeconic®, VSP® Optics, and VSP Ventures) work together to create a world where everyone can bring their best vision to life. That means providing affordable access to eye care and eyewear for more than 85 million members through a network of more than 41,000 doctors. And it means expanding access to vision care to those disadvantaged by income, distance, or disaster. Through VSP Eyes of Hope®, more than 3.6 million people in need have received no-cost eye care and eyewear. Learn more about how we're reinvesting in greater vision, health, and opportunities for all at vspvision.com.
PECAA is the nation's largest community of independent eye care professionals, serving more than 12,000 members nationwide. PECAA delivers "The Power of Independence" by providing members access to 250+ vendor partner programs, a customizable suite of industry-leading business advisory services, and strong connection to a community of like-minded peers offering a network of support. It is the only membership group in the country that combines the advantages and scale of an eye care buying group with the community and insight of a doctor alliance to enable each independent to connect, build and prosper in the way that best supports their unique goals. For more information, visit PECAAMax.com or call 800.959.2020, option 3.
About Nautic Partners
Nautic Partners is a middle-market private equity firm that focuses on three industries: healthcare, industrials, and services. Nautic has completed over 150 platform transactions throughout its 35-plus year history. Nautic's strategy is to partner with management teams to accelerate the growth trajectory of its portfolio companies via add-on acquisitions, targeted operating initiatives, and increased management team depth. For more information, please visit www.nautic.com.
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