America's Best Contacts & Eyeglasses

Type	Eyewear and Optometric Consumer Servicess
Current owner	National Vision (since 2005)
Country of origin	United States
Introduced	1978
Related brands	Vision Center, Eyeglass World, The Optical Shoppe (inside Fred Meyer), Optical Center
Previous owners	Consolidated Vision Group, America's Best Contacts & Eyeglasses (privately held 1978-1990), Berkshire Partners

America's Best Contacts & Eyeglasses is a discount provider of eye examinations, eyeglasses and contact lenses, with over 200 locations in the United States as of 2009.^[1] Since 2005, America's Best has been a division of National Vision, a privately held portfolio company owned by Berkshire Partners.^[2]

America's Best is the largest buyer of designer overstock eyeglass frames in the United States.^[3]

[edit] History

America's Best Contacts & Eyeglasses ("ABC&E", "America's Best", "the Company") was founded in July 1978 by Bill Grody, soon after Federal regulations permitted price advertising of eyewear and related services and supplies. ABC&E's first location was opened in Chicago in September 1978 on the 15th floor of a North Michigan Avenue office building, along with ABC&E's in-house advertising agency. By April, 1990, Grody had expanded the Company to 34 locations including in-house lens manufacturing and Real Estate divisions, at which time he sold the majority of the company in an LBO to financial investors, Berkshire Partners, for $24 million, recapitalizing the company for future growth and retaining minority ownership along with senior management. In December, 1993, Grody orchestrated a management-led leveraged buyout 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 future growth potential of America's Best. In April 1997, Grody sold ABC&E in its entirety for $50 million to Chrysallis Management. At that time, ABC&E's revenues exceeded $103 million, and the Company was comprised of approximately 1400 employees and 150 independent doctors of optometry, 100 retail stores in 25 states, the District of Columbia, and Puerto Rico, one of the largest lens manufacturing and distribution facillities in the US, as well as its in-house Real Estate division and adverstising agency. Chrysallis Management, which also owned eyewear stores located primarily in the Southwestern US, created Consolidated Vision Group ("CVG") in April 1978, a holding entity established for its eyewear businesses, at which time America's Best Contacts & Eyeglasses became a wholly-owned subsidiary of CVG. ^[4] In 2003, the company had an estimated $126 million in revenue from 105 locations; by 2004, it had an estimated $133 million from 111 locations.^[5] Since Berkshire Partners acquired CVG in September 2005,^[6] more than 92 new America's Best locations have been opened.^[1]

[edit] References

[edit] External links

• http://www.twopair.com/ (Official website for eyewear)
• http://www.bestcontacts.com/ (Official website for contact lenses)

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