Germany-based optical retailer Fielmann Group has signed two acquisition agreements, marking its entry into the US market.
The company has agreed to purchase 100% of the shares in the optical retail business, SVS Vision Holding Company and its subsidiaries from Robert Farrell, Jr and Kenneth Stann.
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Headquartered in Mt Clemens, Michigan, SVS Vision operates a network of more than 80 optical stores in nine states. It generated more than $100m ($107.43m) in sales during fiscal year 2022.
The cash and debt-free deal is valued at approximately €105m ($112.8m).
Completion of the transaction is subject to customary closing conditions, including receipt of any necessary regulatory approvals. It is expected to close by 31 August 2023.
In addition, the Fielmann Group signed a definitive agreement to acquire Eyevious Style from Gregory Matthews, Margate, EMKRIST, Abington, Ed Azer and Jocelyne Matthews.
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By GlobalDataEyevious Style is known for its e-commerce platform, Befitting, which caters to customers with insurance.
As part of the agreement, Fielmann Group will acquire 100% of the shares in the company in a deal valued at approximately €35m ($37.6m) on a cash and debt-free basis.
The acquisition is in line with the company’s Vision 2025 growth strategy.
In December 2022, Fielmann Group acquired 100% equity ownership in the retail, wholesale and manufacturing of MFI Group.
In the first quarter of 2023, the Germany-based company Hamburg reported its external sales to grow by 15% to €556m ($597.3m).
