Lion Capital buys Alain Afflelou

Founder Alain Afflelou and management will also reinvest in the buyout.

Debt
Financing was provided by Citi, UniCredit and Alcentra. Lion Capital was reportedly looking to secure a €300-400m package prior to the acquisition being announced.

Previous funding
Apax Partners and its quoted vehicle Altamir Amboise originally backed a 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.

People
Javier Ferrán led the deal for Lion Capital. Benoit Bassi represented Bridgepoint.

Advisers
Equity – Lazard (M&A); JP Morgan (M&A); Citi (M&A); SJ Berwin (Legal).
Vendor (Bridgepoint) – Rothschild (M&A); Latham & Watkins (Legal).
Management – Scotto (Legal); Banque Privee 1818 (M&A).

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