Lawrenceville, Georgia

Private equity firm KKR & Co. said it would acquire National Vision from buyout firm Berkshire Partners in a bet that consumers would increasingly seek out the budget retailer's low-price contact lenses and eyeglasses. Terms of the deal weren't disclosed but a person familiar with the matter pegged the value at just north of $1 billion. The management team of National Vision is expected to remain a significant investor in the company, KKR said. KKR was one of the private equity firms pursuing the Lawrenceville, Georgia-based company, which hired Barclays to assist with the sale, Reuters reported in December.