Optical retailer Fielmann Group enters US market, acquires SVS Vision and Befitting
The Fielmann Group (Fielmann Aktiengesellschaft, Hamburg, Germany) announced today that it signed a definitive agreement to acquire 100% of the shares in SVS Vision Holding Company, Mt. Clemens, MI, USA (SVS Vision Holding Company and its subsidiaries hereinafter, collectively, “SVS Vision”) from the sellers Robert G. Farrell, Jr. and Kenneth J. Stann. The transaction is expected to close by 31 August 2023, subject to customary closing conditions, including receipt of any necessary regulatory approvals.
SVS Vision is an optical retail business based in the US state of Michigan that generated sales of more than US$ 100 million in the financial year 2022 through its network of more than 80 optical stores across 9 US states. The acquisition of the shares is based on a valuation of the equivalent of approximately € 105 million (cash and debt free).
The Fielmann Group further announced that it signed a definitive agreement to acquire 100% of the shares in Eyevious Style, Inc. (Calgary, Canada). The transaction is expected to close today. Eyevious Style, Inc. and its US subsidiary operate Befitting, an e-commerce platform for insurance customers. The sellers are Gregory Matthews, Margate LLC, EMKRIST LLC, Abington LLC, Ed Azer and Jocelyne Matthews. The acquisition of the shares is based on a valuation of the equivalent of approximately € 35 million (cash and debt free).