EssilorLuxottica : EssilorLuxottica and GrandVision enter into an agreement with ORIG BENE, a member of MPG Austria, for the sale of stores in the Netherlands and BelgiumSource: OMX
EssilorLuxottica and GrandVision enter into an agreement
with ORIG BENE, a member of MPG Austria, for the sale
of stores in the Netherlands and Belgium
Charenton-le-Pont, France, Schiphol, the Netherlands and Graz, Austria (23 December 2021 – 7.30 pm) – EssilorLuxottica, GrandVision and the Optic Retail International Group BENE, a member of MPG Austria (“ORIG/MPG”), announced today that they have entered into an agreement for ORIG/MPG to acquire 142 EyeWish stores in the Netherlands and 35 GrandOptical stores in Belgium. This follows the commitments agreed upon with the European Commission on 23 March 2021, as part of the acquisition of GrandVision by EssilorLuxottica.
The agreement between EssilorLuxottica, GrandVision and ORIG/MPG also provides for transitional agreements to support the business continuity of the divested perimeters following the implementation of the transaction.
Completion of the transaction among EssilorLuxottica, GrandVision and ORIG/MPG is subject to the approval of the European Commission, as part of the commitments’ procedure. The transaction is expected to close in the first quarter of 2022.
Advisors to EssilorLuxottica and GrandVision: Mediobanca - Banca di Credito Finanziario and Lazard acted as financial advisors, Sullivan & Cromwell and Stibbe served as M&A legal advisors, BonelliErede as antitrust advisor and IG&H and Deloitte Finance as carve-out advisors. Additionally, De Brauw Blackstone Westbroek continued to support GrandVision as legal advisor.
Advisors to ORIG/MPG: mk05 as M&A and financial advisor, Loyens & Loeff as M&A legal counsel and MPG as due diligence and commercial support.
EssilorLuxottica is a global leader in the design, manufacture and distribution of ophthalmic lenses, frames and sunglasses. Formed in 2018, its mission is to help people around the world to see more, be more and live life to its fullest by addressing their evolving vision needs and personal style aspirations. The Company brings together the complementary expertise of two industry pioneers, one in advanced lens technology and the other in the craftsmanship of iconic eyewear, to set new industry standards for vision care and the consumer experience around it. Influential eyewear brands including Ray-Ban and Oakley, lens technology brands including Varilux and Transitions, and world-class retail brands including Sunglass Hut, LensCrafters and since 1st July (via a majority interest) - GrandVision are part of the EssilorLuxottica family. In 2020, EssilorLuxottica had over 140,000 employees and consolidated revenues of Euro 14.4 billion. The EssilorLuxottica share trades on the Euronext Paris market and is included in the Euro Stoxx 50 and CAC 40 indices. Codes and symbols: ISIN: FR0000121667; Reuters: ESLX.PA; Bloomberg: EL:FP. For more information, please visit www.essilorluxottica.com.
GrandVision, part of the EssilorLuxottica group, is a global leader in optical retailing, delivering high quality and affordable eye care to more and more customers around the world. The high-quality eye care offered by GrandVision includes a wide range of services provided by its vision experts. Our products include prescription glasses including frames and lenses, contact lenses and contact lens care products, as well as sunglasses both plain and with prescription lenses. These products are offered through leading optical retail banners which operate in more than 40 countries across Europe, the Americas, the Middle East and Asia. GrandVision serves its customers in over 7,200 stores and with more than 39,000 employees, proving every day that in EYE CARE, WE CARE MORE. Since March 2021, GrandVision is a participant of the United Nations Global Compact and we adhere to our principle-based approach to responsible business. For more information, please visit www.grandvision.com
About ORIG BENE/MPG
ORIG BENE was founded by the Dr. Michael Pachleitner private foundation and the Raiffeisen Invest Private Equity group as co-investors for the purpose of promoting international growth in the optical market. MPG, headquartered in Graz, is – as a part of the Dr. Michael Pachleitner private foundation - an internationally active manufacturer and wholesaler of products for the eyewear industry with over 30 years of experience. It has subsidiaries in five countries, and operates a design and development site in Austria, a lens production facility in Germany, a logistics centre in the Czech Republic and sales offices in Austria, Germany, France and Hong Kong. The company owns a number of internationally known brands, including the iconic brand Robert La Roche, and also fashion licensed brands. It also collaborates with other companies, primarily with Red Bull and Davidoff. MPG currently exports to over 70 countries and employs more than 1,500 people. With the brand Hallmann, MPG is also represented in the optics and acoustics retail market. Hallmann has grown to 110 shops in Germany and Denmark in the last 4 years. The expansion of the retail branch is an essential part of MPG's strategy.