Following the Sale of Nationwide Vision, Refac Group to Focus on U.S. Vision Biz

By

GLENDORA, N.J.—Executives at Refac Optical Group say they will be focusing on the future growth of their U.S. Vision optical businesses, following the news of the purchase of the Nationwide Vision business by EyeCare Partners, LLC, which was reported by VMail yesterday. “The relationship with Nationwide was mutually rewarding and successful for both companies, and I have a tremendous respect for Nationwide’s management team,” said Adam Levy, president and CEO of Refac.“I am excited as we move forward withthe opportunities that lie ahead.”

Refac, which is backed by Acon Investments, noted, "During the
nearly six years under Refac’s ownership, Nationwide’s annual nets ales grew by 45% percent, and its footprint was expanded by 34 percent ,from 64 stores in the state of Arizona to 91 stores across Arizona,Florida, Nevada and North Dakota."

Levy added, “The sale of Nationwide puts Refac in a better financial position, allowing us to focus solely on the growth of our U.S. Vision business.”As part of the transaction, U.S. Vision will take over operating the five Nationwide Vision stores in Nevada and North Dakota.

U.S. Vision is Refac Optical Group’s main operating company, with over 130 years of experience in the optical industry. U.S. Vision operates over 400 optical retail locations throughout the U.S. in such host brands as JCPenney, Boscovs, Meijer and AAFES military locations. The stores offer eye exams through partnerships with independent optometrists and an extensive selection of designer brand and private label prescription eyewear, contact lenses, sunglasses, and accessories.

U.S. Vision is headquartered here where it operates a 72,000-square footstate-of-the-art manufacturing laboratory. The lab has the capacity to produce more than three million complete pairs of eyeglasses annually, and provides high quality, expedient service to all of U.S. Vision’soptical locations across the U.S.

Stifel acted as financial advisor to the shareholders of Nationwide Vision, the company's statement said.