PE-backed Alain Afflelou bolts on Optical Discount

The add-on ties in with Alain Afflelou's strategy to enter the low-cost optical retailer market, while keeping a foot in the premium segment via its main brand. The group will benefit from Optical Discount's 90 stores in France, Belgium and Morocco.

The retailer plans to bring together its existing Claro brand and Optical Discount's operations to create a network featuring 150 sales points across France.

Optical Discount, which will continue to be managed by founders Stéphane Laloum and Gilles Meridjen, is aiming to expand the aforementioned network to 300 stores in France and an additional 100 abroad within three years.

Previous funding
According to unquote" data, Alain Afflelou has been under private equity ownership for almost two decades. The first buyout took place in 1997, when a consortium of investors led by Alpha Associes Conseil acquired a 70% stake in the retailer, with founder Alain Afflelou retaining the remaining 30%.

Three years later, Afflelou regained control of his business as he invested to increase his shareholding to 58%. Apax France, which backed the €137m MBO, secured the remaining 42%.

After deploying a further €25m for Alain Afflelou's €97m acquisition of Carrefour's in-house optical stores, Apax offloaded more than half of its shares, alongside Afflelou himself, to GP Bridgepoint for around €500m in 2006. In May 2012, all three would divest their stakes to current owner Lion Capital for an estimated €800m.

Months after the exit, Apax reinvested via its seventh fund to pick up a 14.4% stake. According to unquote" data, Lion remained majority shareholder with a 69.5% stake, followed by the 16% jointly held by Afflelou and management.

Company
Alain Afflelou was established in 1972 as an optical retailer selling lenses, frames, sunglasses and contact lenses. With headquarters in Paris, the business most recently reported €650m in turnover.

Founded in 1995, Optical Discount targets the low-cost optical market. Headquartered in Paris, the business currently operates 90 stores in France, Belgium and Morocco.

People
Alain Afflelou was represented by board president Frédéric Poux. Stéphane Laloum and Gilles Meridjen are co-founders of Optical Discount and currently manage the company.

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• Topics
• France
• Consumer
• Portfolio management
• France
• Lion Capital
• Apax France SA
• Bridgepoint