- Strong investor demand, significantly oversubscribed
- Tranches priced at the lower end of the marketing range
- Group’s capital structure and capital cost significantly improved
Hamburg, May 22, 2025 – The Fielmann Group successfully completed its inaugural Schuldschein issuance, raising €275m in the debt capital market, despite a volatile market environment. Due to exceptionally strong investor demand, the order book was oversubscribed multiple times within just one week after launch and consequently was closed early for additional orders. The Group upsized the transaction to €275m, still leaving significant investor demand unmet. The strong reception reflects investors’ confidence in the Fielmann Group’s business model and strategic direction.
The placement is structured across three maturities of 3, 5, and 7 years, each comprising fixed and floating rate components. The proceeds will be used to refinance the bridge facility related to the acquisition of Shopko Optical, the Group’s largest acquisition to date. Executing on its growth strategy, Vision 2025, Fielmann successfully modernized, digitalized, and internationalized its family business over the course of the last five years. The market entry into the world’s largest optical market, the United States, has been a major driver in bringing the Group’s share of international sales to over 40% of total revenue.
“With this Schuldschein transaction, we have not only secured long-term financing at attractive terms but also taken another step in optimizing our capital structure, reducing our overall cost of capital and securing strategic financial options to execute our growth strategy”, said Steffen Baetjer, Chief Financial Officer of the Fielmann Group.
The successful placement is testament to Fielmann Group’s position as an attractive issuer in the debt capital markets. By securing flexible long-term funding under favorable conditions and broadening its capital structure, Fielmann improves its balance sheet and demonstrates a proactive approach to financial management.
The transaction was arranged by BNP Paribas, DZ BANK
Hamburg, Germany – May 22, 2025
Fielmann Group AG
The Management Board
About Fielmann Group AG
The Fielmann Group is a stock-listed German family business active in vision care and audiology, serving 29 million customers with eyewear, contact lenses, primary eyecare services and hearing aids. As one of the leading vision care providers worldwide, it operates an omnichannel platform consisting of digital sales channels and more than 1,200 stores in Europe and the United States. Founded in 1972, the company is led by Marc Fielmann, representing the second generation of the Fielmann family, which still owns the majority of the company’s stock. By staying true to its customer-centric values, the Fielmann Group helps everyone hear and see the beauty in the world. Thanks to the dedication of its more than 24,000 people worldwide, the company consistently achieves customer satisfaction and retention rates of around 90% and has to date fitted more than 200 million pairs of individual prescription glasses.
