Taking steps toward meeting its goal of doubling in size by the year 2000, Spectera Inc., a health services company with headquarters in Woodlawn, announced yesterday that it has acquired Group Vision Associates, a Philadelphia-based vision plan.
Terms were not disclosed.
"GVA is the first in a number of vision care companies we plan to acquire in the next two years," said David T. Hall, chief executive officer of Spectera.
GVA covers 550,000 people nationally, bringing the total enrolled in Spectera vision plans to about 2.5 million. It also brings about 4,000 doctors into the Spectera network, doubling its size.
Spectera also provides care management services and owns a dental plan in Texas, covering another 2.5 million people between them.
It owns Crown Optical Laboratory in Baltimore, which makes about a thousand pairs of glasses a day for members of its vision plans, and United Optical, a chain of 50 stores.
Revenue was $60 million in fiscal 1997. The company, which is employee-owned, does not report profits publicly.
Pub Date: 5/27/98