Neo Capital exits Alain Mikli in trade sale

Luxoticca, one of the world's largest eyewear makers, notably manufactures products under the Ray Ban, Oakley and Prada brands.

Neo, which acquired the business in 2009, stated it had been particularly pleased with the turnaround achieved by AMI in the past three years. The GP added that it had taken AMI from loss making to profit within the first year of ownership and that the business is now on track to generate double-digit growth rates.

Neo will remain invested in Vuarnet, a brand which is part of the AMI group.

The acquisition remains subject to the completion of a consultation process with the employee representatives of AMI.

Previous funding
Neo took a 47% stake in AMI in 2009, alongside Dominique Alba, who bought a 6% stake in the company and joined as CEO. Alain Mikli, the company founder and former CEO, retained a 47% stake in the firm.

A debt structure was arranged by Crédit Lyonnais and included HSBC, CIC and Banques Populaires.

Company
Paris-based AMI was founded in 1978. It designs, wholesales and retails optical frames and sunglasses under the Alain Mikli, Starck Eyes, Jean Paul Gaultier and Vuarnet brands. The company reportedly generates a €60m turnover.

People
David Belhassen represented Neo on the deal. Antonio Bortuzzo is CEO of AMI.

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• Topics
• France
• Exits
• Consumer
• France
• NEO Capital
• Trade sale