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.
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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).
