Apax France reinvests in Afflelou, secures 14.1% stake

Apax bought the shares from Lion, founder Alain Afflelou and the company's management. The former retains a 69.5% stake, with Afflelou and management holding onto the remaining 16%.

Apax had previously sold its majority stake in Afflelou to Bridgepoint in 2006, reinvesting in the process. It then sold its remaining stake when Lion Capital bought Afflelou in May this year, a deal believed to be valued at around €800m. Apax had been keen to reinvest from the start, but a number of factors initially delayed the transaction.

Despite raising €700m for its eighth buyout fund last year, Apax reinvested via its previous vehicle Apax France VII. Although it closed on €900m in 2007, Apax VII was left with a significant amount of capital initially earmarked for follow-on investments in existing portfolio companies. This will be the fund's last transaction.

Apax's listed vehicle Altamir Amboise also provided equity for the deal.

Previous funding
Apax and its quoted vehicle Altamir Amboise originally backed the secondary buyout of Alain Afflelou in May 2000 – a deal valued at €137m. The transaction provided an exit for a group of investors led by Alpha and including Marine Wendel France, Alpinvest and Sapla.

Apax then invested a further €25m in 2003, in order to finance the acquisition of Carrefour's optical stores by Alain Afflelou for €97m. Bridgepoint bought the business from Apax in 2006 for around €500m, with the previous owners reinvesting in the company.

Company
Established in 1972, Alain Afflelou is an optical retailer headquartered in Paris. The group operates 1,100 retail stores across France, Spain, Portugal, Belgium, Luxembourg, Switzerland, Morocco, Lebanon and Ivory Coast.

Alain Afflelou posted an €800m turnover in 2011 and reportedly generated a €75m EBITDA.

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• Topics
• France
• Consumer
• Expansion
• France
• Apax France SA
• Lion Capital