The Optical Company, part of Healthia Limited, has expanded its network by 18% with the acquisition of LensPro’s portfolio of eight stores across northern New South Wales and Queensland.
The deal, completed in February, follows acquisitions in 2021 including The Eyecare Place (Victoria), Bernie Lanigan (Queensland) and John Holme Optometrists (Queensland). It reflects The Optical Company’s focus on optometry led clinics, with an established multi-brand product model to meet customer needs that maintains strong local connections with the community.
Our acquisition of The Optical Company in late 2020 affirmed our determination to be a broader allied health leader
Colin Kangisser, chief executive officer of The Optical Company, said the team is working to bring on more stores in the months ahead. “Across the last year we have continued to identify and secure new stores as The Optical Company and Healthia deliver on the assurance to grow the division and increase our share of the competitive optical market,” he said. “Over the next 12 months we will continue applying our formula to purchase businesses that meet our criteria in terms of merits and benefits to the broader group… with established teams across NSW, VIC, QLD, ACT and SA, our scope is broad and as evident, our strategy includes optical groups and independent purchases.”
EMPHASISING ALIGNMENT
The Optical Company’s proactive approach to identifying potential stores is supported by a structure within Healthia for both outright purchase and partnership models. Alignment between all parties is key to a successful deal, as the business needs to share a synergy and ethos with The Optical Company and Healthia values.
Aaron Kangisser, General Manager of The Optical Company explained, “We appreciate that people make all the difference – from the teams in store through to the customers is where we see immeasurable value… the LensPro team are good operators and reflect this viewpoint. With the market position of Healthia we have also demonstrated ability to undertake a sizeable deal to secure a strong retail group.”
Conan Lomas from LensPro described the experience of working with The Optical Company and negotiating with Healthia as “a very smooth process given our shared ethos…and ultimately an outcome that is right for the LensPro team and customers”.
EXPANDING ALLIED HEALTH
During what has been a productive 12 months, The Optical Company also launched audiology services with the establishment of Kevin Paisley Hearing in Victoria (August 2021) and The Hearing Co in Queensland (December 2021). The December launch included the first multi-discipline site within the broader Healthia business, and saw The Hearing Co comprehensive audiology clinic open within Allsports Physiotherapy and Sports Medicine Centre in Indooroopilly.
Recent activity includes the introduction of Healthia’s well established Clinic Class Share (CCS) program that aims to strengthen engagement by recognising and rewarding employees on a location-based system linked to their store results. The program has been successful across podiatry and physiotherapy teams, and was launched to optical teams in 2021.
Healthia Limited as a company, has continued to undertake strategic growth across all divisions and within the year ended 2021 completed a significant deal with the Back in Motion business (63 physiotherapy locations across Australia and New Zealand). This move sees Healthia Limited become the single largest group for physiotherapy clinics, alongside the already held position of number one volume of podiatry practices locally.
“Our acquisition of The Optical Company in late 2020 affirmed our determination to be a broader allied health leader. We are proud that the desire for growth and opportunity is mirrored in The Optical Company team as we continue to identify and secure optical stores. This deal signifies a clear message to current and potential parties that we are committed to continued growth of our optical network,” Wes Coote, CEO and Director, Healthia Limited said. Parties interested in The Optical Company are encouraged to contact [email protected] for a confidential discussion.
