GARDEN CITY, N.Y. - Command Credit Corp. said it has entered into a letter of intent to acquire United Vision Group, a manager of prepaid vision-care plans.
United Vision shareholders will receive approximately 33% of the fully diluted shares in Command Credit Corp., a packager of credit card and other financial service programs.
United's vision plans are offered through more than 450 contracted participating providers in Florida, Texas, and Puerto Rico. United Vision also operates 10 retail outlets in south Florida. The company reported more than $7 million of sales in its last fiscal year.
Bill Lucas, chairman of Command Credit, said the merger fits in with Command's previous acquisition of Prime Source, a medical billing company. The United merger, Command said, will double its net worth and asset base.
The transaction is subject to a formal agreement and the approval of both companies' shareholders.
Command provides financial services through its credit card subsidiary (Command America), investment banking group (Capital One Corp.), and leasing subsidiary (Franklin Credit and Leasing).