PAI’s Marcolin picks up Viva

PAI is purchasing its holding from Viva's parent company, HVHC, the holding company of Visionworks of America, Davies Vision and Viva Optique.

The deal is part of PAI and Marcolin's strategy to increase the company's international presence.

Marcolin was acquired by PAI in October last year, in a deal that saw the private equity house picking up a 78.39% stake in the listed company at €4.25 per share, giving a total deal value of €207.03m.

Established in 1961, Marcolin reported sales of around $282m in 2012. Last year the company sold approximately 5.5 million eyeglasses.

Company
Similar to Marcolin, Viva retails fashion eyewear including a range of designer brands such as Gant, Guess, Harley-Davidson and Skechers, as well as its own brand names Viva, Magic Clip and Savvy.

Viva operates through six direct sales offices in the UK, France, Brazil, Canada and Hong Kong. It also has joint ventures and direct sales teams in Australia, Austria, Germany, Mexico, the Netherlands and Switzerland. Viva's glasses are sold in more than 90 countries. Its key distribution channels are department and sun-wear stores.

People
Giovanni Zoppas is CEO of Marcolin. David Holmberg is president and CEO of HVHC.

Advisers
Vendor - Sonenshine Partners (Corporate finance).
Equity - Lazard (Corporate finance); Goldman Sachs (Financial due diligence).

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• Topics
• Southern Europe
• Portfolio management
• Consumer
• PAI Partners