Episode
How Private Equity Is Buying Up Eyecare Chains
- Published
- Jun 29, 2026
- Duration seconds
- 166
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Summary
In this episode of The Buyout Show, Lucas and Luna examine why private equity is consolidating the eyecare industry — specifically, the roll-up of optometry practices into giant chains. They focus on the 2024 acquisition of Visionworks by a private equity consortium led by New Mountain Capital at a $1.1 billion enterprise value. Lucas explains the economics: how a single independent optometrist generating $800,000 in annual revenue becomes a 40% EBITDA margin business under a PE-backed platform through centralised labs, bulk purchasing of frames, and patient cross-referrals. Luna pushes back on whether this consolidation actually improves patient outcomes or just inflates contact lens prices. They also touch on the antitrust investigation into EssilorLuxottica, the frame and lens giant that owns LensCrafters and Pearle Vision. By the end, listeners will understand why your eye exam bill keeps going up even though the cost of lens manufacturing has fallen 60% since 2010. #PrivateEquity #Eyecare #Optometry #Visionworks #NewMountainCapital #EssilorLuxottica #LensCrafters #RollUps #Consolidation #HealthcareInvesting #EyeExam #ContactLenses #Business #Finance #FexingoBusiness #BusinessPodcast #TheBuyoutShow #PE Keep every episode free: buymeacoffee.com/fexingo