America's Best
Encyclopedia
America's Best Contacts & Eyeglasses is a discount provider of eye examination
s, eyeglasses and contact lens
es, with over 300 locations in the United States
as of 2011. Since 2005, America's Best has been a division of National Vision, a privately held
portfolio company
owned by Berkshire Partners
.
America's Best Contacts & Eyeglasses is the largest buyer of designer
overstock eyeglass frames in the United States.
America's Best was the first eyewear company in the nation to offer contact lenses including eye exams for less than $100. Later in the Company's growth, it was the first to offer complete eyeglasses including frames, lenses and exams for under $50. Since its inception, ABC&E has maintained its leadership position in the eyewear industry providing quality, service, and complete eyewear and eyecare at the lowest prices possible.
ABC&E's first location was opened on Chicago's "Magnificent Mile" in September 1978 on the 15th floor of a North Michigan Avenue office building, along with ABC&E's in-house advertising agency. From 1978 through the beginning of 1990, ABC&E remained internally financed. By 1990, Grody had expanded the Company to 34 locations including a full-service lens manufacturing facility. Additionally, the Company had grown to include an in-house distribution center, I.T. department, real estate and legal divisions.
In April 1990, Grody sold the majority of the company in an LBO to Boston-based financial investors, Berkshire Partners, for $24 million, recapitalizing the company for future growth and retaining minority ownership along with his senior management team. In December, 1993, Grody orchestrated a management-led leveraged buyout ("MBO") of ABC&E, purchasing back the majority of the company for $40 million, with Berkshire Partners choosing to maintain a minority position based upon its mutually perceived potential for ABC&E's future growth. In April 1997, Grody sold ABC&E in its entirety for $50 million to a strategic buyer, Chrysallis Management. Grody led the Company througout its growth until its final sale in 1997.
By 1997, ABC&E's revenues exceeded $103 million, and the highly-profitable Company had approximately 1,400 employees plus 150 independent doctors of optometry, 100 retail stores in 25 states, the District of Columbia, and Puerto Rico, and one of the largest and most productive complete eyeglass lens manufacturing labs and distribution facilities for eyeglasses and contact lenses, in the United States.
Chrysallis Management, which owned eyewear stores located primarily in the Southwestern U.S., created Consolidated Vision Group ("CVG") in April 1997, a holding entity established for its eyewear businesses including its purchase at that time of America's Best Contacts & Eyeglasses.
In 2003, America's Best Contacts & Eyeglasses had an estimated $126 million in revenue from 105 locations. By 2004, it had an estimated $133 million from 111 locations.
In September, 2005, Berkshire Partners
again acquired America's Best Contacts & Eyeglasses along with the entire eyewear holdings of CVG, and simultaneously purchased another national eyewear company, National Vision, Inc. Berkshire Partners continued its significant role in the consolidation the eyewear industry. Upon its purchase, National Vision, Inc. became the parent company of all the eyewear businesses owned in the majority by Berkshire Partners.
Eye examination
An eye examination is a battery of tests performed by an ophthalmologist, optometrist, or orthoptist assessing vision and ability to focus on and discern objects, as well as other tests and examinations pertaining to the eyes....
s, eyeglasses and contact lens
Contact lens
A contact lens, or simply contact, is a lens placed on the eye. They are considered medical devices and can be worn to correct vision, for cosmetic or therapeutic reasons. In 2004, it was estimated that 125 million people use contact lenses worldwide, including 28 to 38 million in the United...
es, with over 300 locations in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
as of 2011. Since 2005, America's Best has been a division of National Vision, a privately held
Privately held company
A privately held company or close corporation is a business company owned either by non-governmental organizations or by a relatively small number of shareholders or company members which does not offer or trade its company stock to the general public on the stock market exchanges, but rather the...
portfolio company
Portfolio company
A portfolio company is a company or entity in which a venture capital firm, buyout firm, holding company, or other investment fund invests. All of the companies currently backed by a private equity firm can be spoken of as the firm’s portfolio....
owned by Berkshire Partners
Berkshire Partners
Berkshire Partners, the Boston-based private equity firm, has invested in leading mid-sized companies for over twenty-five years through eight investment funds with aggregate capital of $11 billion. Berkshire has developed specific industry experience in several areas including retailing, consumer...
.
America's Best Contacts & Eyeglasses is the largest buyer of designer
Fashion design
Fashion design is the art of the application of design and aesthetics or natural beauty to clothing and accessories. Fashion design is influenced by cultural and social latitudes, and has varied over time and place. Fashion designers work in a number of ways in designing clothing and accessories....
overstock eyeglass frames in the United States.
History
America's Best Contacts & Eyeglasses ("ABC&E", "America's Best", "the Company") and its predecessor entities were founded in July 1978 by Bill Grody (at the age of 25), soon after Federal deregulation permitted price advertising of eyewear, eye exams, and related services and supplies.America's Best was the first eyewear company in the nation to offer contact lenses including eye exams for less than $100. Later in the Company's growth, it was the first to offer complete eyeglasses including frames, lenses and exams for under $50. Since its inception, ABC&E has maintained its leadership position in the eyewear industry providing quality, service, and complete eyewear and eyecare at the lowest prices possible.
ABC&E's first location was opened on Chicago's "Magnificent Mile" in September 1978 on the 15th floor of a North Michigan Avenue office building, along with ABC&E's in-house advertising agency. From 1978 through the beginning of 1990, ABC&E remained internally financed. By 1990, Grody had expanded the Company to 34 locations including a full-service lens manufacturing facility. Additionally, the Company had grown to include an in-house distribution center, I.T. department, real estate and legal divisions.
In April 1990, Grody sold the majority of the company in an LBO to Boston-based financial investors, Berkshire Partners, for $24 million, recapitalizing the company for future growth and retaining minority ownership along with his senior management team. In December, 1993, Grody orchestrated a management-led leveraged buyout ("MBO") of ABC&E, purchasing back the majority of the company for $40 million, with Berkshire Partners choosing to maintain a minority position based upon its mutually perceived potential for ABC&E's future growth. In April 1997, Grody sold ABC&E in its entirety for $50 million to a strategic buyer, Chrysallis Management. Grody led the Company througout its growth until its final sale in 1997.
By 1997, ABC&E's revenues exceeded $103 million, and the highly-profitable Company had approximately 1,400 employees plus 150 independent doctors of optometry, 100 retail stores in 25 states, the District of Columbia, and Puerto Rico, and one of the largest and most productive complete eyeglass lens manufacturing labs and distribution facilities for eyeglasses and contact lenses, in the United States.
Chrysallis Management, which owned eyewear stores located primarily in the Southwestern U.S., created Consolidated Vision Group ("CVG") in April 1997, a holding entity established for its eyewear businesses including its purchase at that time of America's Best Contacts & Eyeglasses.
In 2003, America's Best Contacts & Eyeglasses had an estimated $126 million in revenue from 105 locations. By 2004, it had an estimated $133 million from 111 locations.
In September, 2005, Berkshire Partners
Berkshire Partners
Berkshire Partners, the Boston-based private equity firm, has invested in leading mid-sized companies for over twenty-five years through eight investment funds with aggregate capital of $11 billion. Berkshire has developed specific industry experience in several areas including retailing, consumer...
again acquired America's Best Contacts & Eyeglasses along with the entire eyewear holdings of CVG, and simultaneously purchased another national eyewear company, National Vision, Inc. Berkshire Partners continued its significant role in the consolidation the eyewear industry. Upon its purchase, National Vision, Inc. became the parent company of all the eyewear businesses owned in the majority by Berkshire Partners.
External links
- http://www.twopair.com/ (Official website for eyewear)
- http://www.bestcontacts.com/ (Official website for contact lenses)