Funds advised by CVC Capital Partners have acquired Synsam Nordic A/S, an optical retailer in the Nordic region, from Alipes and former store owners.
Synsam’s history stretches back to 1968 when independent opticians in Sweden joined forces under a common brand name.
Alipes identified significant development opportunities within the fragmented Nordic optical market and during the years 2007 to 2009 performed, together with former store owners, over 200 individual acquisitions of Synsam and Profil Optik stores in Denmark, Norway and Sweden.
Synsam is the largest optical retail chain in the Nordic region with more than 420 own stores and franchisees in Sweden, Denmark and Norway. Synsam offers a wide assortment of spectacles, contact lenses, sunglasses, accessories and eye examinations. In 2013, Synsam reported revenues of approximately SEK3bn and had some 2,600 employees.
Gunnar Selving and Richard Silén, partners at Alipes, say: “Synsam is our oldest portfolio company (2007) and we are proud of having worked together with former store owners and an excellent management team to develop it from a voluntary retail chain to the leading integrated optical retail chain in the Nordic. We wish Synsam and all of its employees continued success as they continue to grow under their new owners, CVC.”
Joakim Forsell, CEO of Synsam, says: “With its retail focus, Alipes has been a solid and long term owner and a dedicated partner to the management in the transactions and acquisitions we have made during our Nordic journey.
“I really look forward to continue to develop Synsam in close cooperation with CVC. CVC has an excellent track record of making long-term, value-creating investments in its portfolio companies and has extensive experience within retail. Our common objective is to continue to grow the company, both organically and through acquisitions, as we have done in recent years, as well as to further develop and improve our customers offerings."
Peter Törnquist and Søren Vestergaard-Poulsen, partners at CVC, say: "Synsam is a successful company which has been transformed into an integrated retail chain. With attractive market positions, a strong brand name and an extensive store network as well as an emerging online offering, Synsam is now ready to take the next step in its development. We look forward to working closely with Synsam’s management in the coming years to support this development and to realise the company’s long term potential as a leading modern optical retailer."
The completion of the transaction is subject to customary competition clearances.
CVC was advised by Access Partners, Roschier, Freshfields, KPMG, Quartz, BCG and AON. Financing was led by Nordea.
