While the Dutch optical market is already heavily consolidated, Belgium – where around 75 percent of stores remain independent – is clearly moving in the same direction.
Under the leadership of Freek Arnold, EyeCare Groep has developed a disciplined buy-and-build strategy that combines rapid expansion with strong respect for local entrepreneurship. What started as a Dutch high-end optical platform has evolved into a fast-growing Benelux player with more than 170 stores across optics and hearing care, and a clear ambition to become the quality reference in both the Netherlands and Belgium.
In a recent interview on the Dutch M&A-platform MenA.nl, Arnold explained the (M&A-) strategy of EyeCare Groep.
A platform built for consolidation
EyeCare was formed in late 2021 through the simultaneous acquisition of 8 successful family-owned optical businesses, backed by private equity investor EMK Capital.
From day one, acquisitions were central to the growth plan. Since Arnold joined as Director M&A in October 2023, the pace has accelerated significantly: the group grew from roughly 125 stores to more than 170 within two years and is expected to approach 190 locations by year-end.
The M&A rationale is driven by structural market dynamics familiar to many Belgian dealmakers: succession challenges among independent owners, increasing regulatory and operational complexity, and persistent shortages of skilled staff.
While the Dutch optical market is already heavily consolidated, Belgium – where around 75 percent of stores remain independent – is clearly moving in the same direction.
Belgium: from entry to acceleration
EyeCare entered Belgium in 2024, initially in Flanders, followed by expansion into Brussels and Wallonia. The group views Belgium as a core growth geography rather than a satellite market.
This was underlined after the interview by the December 2025 acquisition of OPTIL, a group of 3 established optical stores in Brussels, marking EyeCare’s first entry into the capital. With this transaction, EyeCare now operates 19 locations in Belgium.
The OPTIL acquisition is emblematic of EyeCare’s approach: strong local brands, decades of market presence, and continuity for customers and staff. Former owners remain closely involved, while EyeCare provides scale, systems, and long-term investment capacity.
“Local heroes” as a strategic principle
A defining feature of EyeCare’s M&A model is its insistence on preserving local identity. All acquisitions are 100 percent takeovers, but stores continue to operate under their existing names, often with former owners staying on as managing opticians. EyeCare positions itself as an enabler rather than a rebrander: centralising back-office functions (HR, finance, IT, procurement, marketing) while leaving customer relationships and local entrepreneurship intact.
Target selection is tightly aligned with the group’s premium positioning. EyeCare focuses on larger, high-quality stores with strong branding, modern interiors, and advanced equipment—businesses that fit seamlessly into its high-end segment.
Operational leverage and data-driven growth
Behind the scenes, EyeCare has invested heavily in building a scalable service organisation. A rapidly expanded central service office supports stores across the Benelux, allowing frontline teams to focus on care, advice, and sales. The group is also rolling out new hardware and POS systems, laying the foundation for a more data-driven organisation and a fully integrated omnichannel customer journey.
Recurring revenue models play an increasing role as well, particularly through subscriptions for contact lenses – and increasingly for eyewear – enhancing customer retention and predictability of cash flows.
Hearing care as the second growth pillar
In parallel with optics, EyeCare is actively consolidating the hearing care market. The overlap in customer demographics and the rollout of hearing care shop-in-shops within optical locations make this a natural extension of the platform. Several acquisitions in hearing care have already been completed, with more in the pipeline.
Ambition: premium market leadership in Belgium
Looking ahead, EyeCare aims to replicate its Dutch market leadership in Belgium. The goal is not sheer scale, but leadership in the premium segment – positioning EyeCare as the preferred quality label for optics and hearing care across both countries.
With 15–20 acquisitions per year and strong private equity backing, the group is positioning itself as one of the most active and professional consolidators in the Benelux healthcare retail space.
For Belgian entrepreneurs and M&A professionals, EyeCare’s story illustrates how consolidation can be executed at speed without sacrificing local brand equity – an approach likely to resonate as succession-driven deal flow continues to rise in Belgium.
