Lion Capital-backed Afflelou to acquire Optimil

Alice Tchernookova
30 June 2016

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Backed by Lion Capital since 2012, French eyewear retailer Alain Afflelou is set to acquire Spanish competitor Optimil.

Afflelou is looking to grow its low-cost activity with the deal. Spain is reportedly Afflelou's second biggest market after France, with around 300 shops located on the peninsula. Optimil will contribute an additional 60 branches. The GP said it would look to turn the regional chain into a national one.

With Optimil generating around €15m in turnover, the group's operations on the Spanish market should reach around €150m in total.

Previous funding
In October 2012, Apax France reinvested in Afflelou for a 14% stake, four months after exiting the business in an SBO backed by Lion Capital. Lion retained a 69.5% stake, with Afflelou and management holding onto the remaining 16%.

Apax had previously sold its majority stake in Afflelou to Bridgepoint in 2006, reinvesting in the process. It then sold its remaining stake to Lion in 2012, when the GP entered exclusive talks to acquire the company from Bridgepoint, Apax France and Altamir Amboise in a deal believed to be valued at nearly €800m.

Company
Established in 1972, Alain Afflelou is an optical retailer headquartered in Paris. The group operates 1,000 retail stores across France, Spain, Portugal, Belgium, Luxembourg, Switzerland, Morocco, Lebanon and the Ivory Coast. The business is rumoured to be currently generating around €1bn in turnover.

Optimil is a Castilian company making low-cost eyewear.

People
Lion Capital – Javier Ferrán (partner).