By Cathy Ciccolella
Senior Editor

FT. LEE, N.J.--The official closing on March 6 of Refac’s dual acquisitions of OptiCare Eye Health Systems and the U.S. Vision chain has created a new, 543-unit optical retail powerhouse now called Refac Optical Group.

Former Cole Vision executive Dave Pierson, who was named president and chief executive officer of the new entity concurrent with the closing, described Refac Optical Group as “already a significant force in the retail eyecare business.” 

Pierson has already begun strengthening his management team. David Gaio was tapped to head OptiCare’s consumer vision division as president, reporting to Pierson and overseeing day-to-day operations of OptiCare’s 18 retail locations. Gaio, formerly the OptiCare division’s executive vice president, succeeded Gordon Bishop, who resigned as consumer vision division president, effective Feb. 28.

OptiCare founder and chairman Dean Yimoyines, MD, who had also been serving as the company’s interim chief executive officer, was named to Refac’s board of directors after the closing. Clark Johnson, a Refac director since 2000, was appointed non-executive chairman of the board.

Robert Tuchman, who was Refac’s CEO from 1997 until the closing, is now the newly formed company’s senior vice president, general counsel, secretary and chairman of the board of directors’ executive committee.

The new Refac Optical Group now operates 543 retail locations, including 517 leased optical departments in 47 states and Canada--351 of which are in J.C. Penney stores. In addition to OptiCare’s retail stores and two surgery centers, the acquisition included OptiCare’s optical laboratory in Waterbury, Conn., as well as U.S. Vision’s lab at its Glendora, N.J., headquarters.

Refac plans to sell off OptiCare’s Rocky Mount, N.C.-based managed vision business by the end of next month to a “nationally recognized” managed-care provider that has not yet been identified.

Following the acquisitions, Palisade Concentrated Equity Partnership now owns about 88 percent of Refac Optical Group’s common stock.