CVC acquires Synsam

Nordea provided financing for the transaction. CVC aims to continue growing the company both organically and via acquisitions following the transaction, as well as further develop and improve Synsam's offering.

Lion Capital, Cinven, Advent, Bain, KKR, Blackstone, EQT and Nordic Capital were reportedly also interested in acquiring Synsam when the sale process was launched in 2012.

Synsam, which is Alipes's oldest portfolio company, was acquired by the investment company in 2007. Alipes completed more than 200 individual acquisitions of Synsam and Profil Optik stores in Scandinavia between 2007-2009, together with former store owners. Alipes is sponsored by Ikano and Inter Ikea, which in turn are controlled by the Kamprad family.

Company
Founded in 1968, Synsam is the largest optical retail chain in the Nordic region with more than 420 stores and franchises in Sweden, Norway and Denmark. The business, which has both a store network and online sales operations, offers spectacles, contact lenses, sunglasses, accessories and eye examinations. Synsam has 2,600 employees and reported a turnover of close to SEK 3bn in 2013.

People
Peter Törnquist and Søren Vestergaard-Poulsen worked on the deal for CVC. Gunnar Selving and Richard Silén worked on the deal for Alipes. Joakim Forsell is the CEO of Synsam.

Advisers
Equity – Access Partners (Corporate finance); Roschier (Legal); Freshfields Bruckhaus Deringer (Legal); KPMG (Financial due diligence); AON (Insurance due diligence).

 

 

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