America's Best Contacts & Eyeglasses
| Company type | Subsidiary |
|---|---|
| Industry | Eyewear retail |
| Founded | July 1978 |
| Founder | Bill Grody |
| Headquarters | Philadelphia, Pennsylvania , United States |
Area served | United States |
| Products | Eye examinations, eyeglasses, contact lenses |
Number of employees | 1400 (as of 1997) |
| Parent | National Vision, Inc. |
| Website | www |
America's Best Contacts & Eyeglasses is a value-focused retailer specializing in eye examinations, eyeglasses, and contact lenses, with more than 1,000 outlets located throughout the United States as of May 31, 2024.
Overview
The company's main store is situated in Philadelphia, PA, a market where National Vision first established its presence over four decades ago. Between 2005 and 2014, America's Best functioned as a division within National Vision, which at that time was owned by Berkshire Partners. In 2014, the private equity firm KKR acquired National Vision.
America's Best stands as the largest buyer of surplus designer eyeglass frames in the United States, utilizing its extensive purchasing power to provide affordable pricing to customers.
History
Established in July 1978 by Bill Grody after federal regulations allowed eyewear price advertising, America's Best launched its inaugural store on Chicago's Magnificent Mile in September of the same year. The company remained self-funded until 1990 when Grody sold a controlling interest through a leveraged buyout (LBO) to Boston investors, including Berkshire Partners, for $24 million while keeping a minority share.
In December 1993, Grody orchestrated a management-led LBO to regain majority ownership at $40 million, with Berkshire retaining a minority position. By April 1997, he divested the entire company for $50 million to strategic purchaser Chrysalis Management. Under Grody’s direction, the business experienced significant growth.
By 1997, America's Best reported revenues totaling $103 million, employed roughly 1,400 staff members, and partnered with about 150 optometrists across 100 stores in 25 states, the District of Columbia, and Puerto Rico. That April, Chrysalis created Consolidated Vision Group (CVG) to unify its eyewear assets, positioning America's Best as its primary brand.
By 2003, the company’s revenue reached approximately $126 million from 105 locations; this grew to $133 million by 2004 with operations spanning 111 stores.
Acquisition
In September 2005, Berkshire Partners purchased America's Best Contacts & Eyeglasses along with all CVG eyewear assets and concurrently acquired National Vision, Inc. National Vision then became the parent entity overseeing Berkshire’s majority-owned eyewear businesses, with America's Best Contacts & Eyeglasses as its largest segment.
By late 2013, National Vision managed around 750 retail outlets, including nearly 425 under the America's Best banner. In early 2014, Kohlberg Kravis Roberts (KKR) acquired National Vision for more than $1 billion; management participated in the transaction and Berkshire Partners retained minority ownership stakes.