EssilorLuxottica’s 2024 shopping spree continues with a move into dry eye and retinal disease treatment.
2024 may be drawing to an end, but EssilorLuxottica (Paris, France) isn’t quite done with its monster year of ophthalmic acquisitions.
The French eye care giant announced on Monday that it has agreed to acquire Espansione Group (Funo (BO), Italy) for an undisclosed amount.
Espansione Group currently operates in over 40 countries and holds international patents for technologies and devices used in diagnosing and treating dry eye, ocular surface and retinal diseases like dry age-related macular degeneration.
The company’s proprietary technologies include its photobiomodulation-based Light Modulation Low-Level Light Therapy (LM™ LLLT) and Intense Pulsed Light (IPL) treatment modalities. These are incorporated into Espansione’s suite of wearable, non-invasive, in-office treatment devices, including eye-light®, meibomask®, my-mask®, young-again® and me-check®.
Francesco Milleri, chairman and chief executive officer at EssilorLuxottica, commented: “We are pleased to welcome the pioneering Espansione into our Group. This investment, proudly made in one of our home countries, will expand our portfolio of medical devices and solidify our role in the optical industry.
“EssilorLuxottica’s med-tech journey, aimed at elevating vision health standards, will continue to be an open and collaborative one, where our products and services are accessible to all industry players,” he added.
The holiday season acquisition comes in a year that has also seen EssilorLuxottica acquire Heidelberg Engineering (Heidelberg, Germany), Romanian optical retailer Optical Investment Group and Australian optometrist chain EyeQ. EssilorLuxottica also purchased fashion brand Supreme from VF Corporation (Denver, Colorado, United States) for $1.5 billion in July.
This move underscores EssilorLuxottica’s commitment to improving patient care solutions and elevating industry standards, reinforcing a growing footprint in the optical and vision care space.
The transaction is currently subject to regulatory reviews and customary closing conditions.
