CALGARY, Alberta—FYihealth group, a leading doctor-led Canadian eyecare platform and the parent company of FYidoctors, Visique, BonLook and solis optics, announced a strategic investment in FYi by funds managed by global firm KKR (NYSE:KKR). With more than 370 optometry clinics and retail stores across Canada and the U.S., the company said the investment marks a new chapter of strategic partnership and investment, and will support FYi’s clinical model, broad-based ownership structure for doctors and staff, and continued expansion of access to high-quality eyecare for Canadians.
“This partnership is a strategic decision to accelerate the growth of FYidoctors and our family of brands, while deepening our commitment to a doctor-led model of care,” Alan Ulsifer, OD, CEO of FYihealth, group told VMAIL. “As we scale, it’s critical that the principles that have defined us—clinical excellence and optometrist leadership—remain at the centre of everything we do. This investment gives us the fuel to expand our model further.”
“In the United States, FYidoctors operates 12 clinics and our WestGroupe business represents award-winning frame brands across the country. This partnership will enhance our ability to grow and strengthen that presence further,” FYi told VMAIL.
KKR is making the investment through its Ascendant Fund as part of the KKR Americas Private Equity platform, the announcement advised. With this support, FYi noted that the company plans to continue investing in several areas:
- Doctor mentorship and personalized patient care across new and existing practices.
- Clinical capabilities, including advanced diagnostic technology, dry eye care, myopia management and specialty services.
- Expanded patient access to eyecare in underserved urban, suburban and rural communities.
- Continued growth of FYidoctors’ existing operations in the United States.
- AI and digital infrastructure that supports optometrists, reduces administrative burdens, and enhances the patient journey and outcomes.
In making the announcement, FYi pointed to growth that has been built on practice-level clinical autonomy supported by national scale. Its Doctor Advisory Committee, which comprises practicing optometrists from across the network and guides clinical standards, scope of practice and the patient experience, was established to empower practicing ODs to directly shape how the organization operates and how the future of eyecare evolves, the company stated. The committee will continue in that role with expanded resources as the organization grows.
“Our doctors built FYi, and our doctors continue to lead it. The Doctor Advisory Committee, our clinical governance, and our commitment to local leadership within a national platform remain central to how we operate,” Dr. Ulsifer said in the announcement. “KKR shares that vision, and their investment gives us additional resources to support our doctors, our clinics, and the patients we serve.”
“For practising optometrists across the country, this strategic partnership brings additional resources to invest in our doctors, our clinics, and our communities, while preserving the clinical autonomy our model is built on,” added Bunny Virk, OD, chair, FYi Advisory Committee. “The Doctor Advisory Committee continues in its role, and the voice of practicing doctors remains at the table as the platform grows.”
KKR will support FYi in creating a broad-based equity ownership program, allowing all full-time employees to share in the benefits of ownership following the close of the transaction, according to the announcement.
“FYi has built one of the most distinctive doctor-led healthcare platforms in the world, anchored by clinical integrity, strong leadership, and a clear commitment to patients,” said Felix Gernburd, partner, KKR. “We are proud to serve as a strategic partner to Dr. Ulsifer, the Doctor Advisory Committee, and the entire FYi team and to support the next phase of their growth.”
The company said there will be no changes to clinic branding, day-to-day operations, insurer relationships, or how patients book and receive care. Existing clinical and operational leadership teams will remain in place.
KKR’s prior investments in the optical sector have included National Vision, 1-800 Contacts, Nexeye and Topcon.
Financial details of the deal with FYi were not disclosed. The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the coming months, the announcement stated.
