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Monday / April 15.
HomemibusinessEssilorLuxottica to Acquire EyeQ

EssilorLuxottica to Acquire EyeQ

Luxottica Retail Australia Pty Ltd (EssilorLuxottica) will acquire EyeQ Operations Pty Ltd (owner of the EyeQ Optometrists practices) subject to key terms of the transaction being met.

While the business ownership will change, EyeQ’s 25 practices will retain their brand and EyeQ employees will remain in employment. The EyeQ National Office will merge in the future with the Luxottica support office located in North Sydney.

EyeQ Optometrists has made this decision to ensure the company and employees continue to deliver the same high quality and specialised eye care for (its) patients

“Good” Decision

In a statement, EyeQ, which is led by Executive Chairman Ray Fortescue, acknowledged that the transaction agreed with Essilor Luxottica “will be good for the future of the company, (its) employees and patients”.

The statement said the agreed transaction comes following regular proposals from interested parties to amalgamate, merge, or be purchased, to create a larger sustainable business.

“EyeQ Optometrists has made this decision to ensure the company and employees continue to deliver the same high quality and specialised eye care for (its) patients,” the statement read.

“For EssilorLuxottica, the decision to acquire EyeQ Optometrists is for their strong local presence, particularly in geographic areas they do not currently service, and a similar commitment to exceptional care.

“EssilorLuxottica also believes that EyeQ Optometrists has the potential to continue to expand the brand.”

EssilorLuxottica’s significant resources will deliver benefits to EyeQ employees such as broader career opportunities, education, training and volunteer programs, to name just a few.

Investigating Growth

EyeQ has undergone several significant changes in recent years, aimed at streamlining its business operations and pursuing sustainable growth.

In its 2023 financial report, “with interest rate increases finally kicking in” Mr Fortescue stated that while in a strong financial position, the company was “cautiously” exploring all opportunities which could arise with the changing national and international economic conditions.

In 2023, EyeQ ceased its relationship with National Optical Care, closed two small satellite practices from a five-practice group purchased in late FY22, and branded all of its 25 practices EyeQ Optometrists. All practices transitioned to the EyeQ customised Optomate Touch Practice Management System, the company trialled RFID technology to gain efficiencies in stock management and enhanced its human resources systems.