from Fielmann AG (isin : DE0005772206)
EQS-Adhoc: Fielmann AG: Optical retailer Fielmann Group enters US market, acquires SVS Vision and Befitting
EQS-Ad-hoc: Fielmann AG / Key word(s): Expansion
Fielmann AG: Optical retailer Fielmann Group enters US market, acquires SVS Vision and Befitting
07-Jun-2023 / 15:53 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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).
End of Inside Information
Information and Explanation of the Issuer to this announcement:
Optical retailer Fielmann Group enters US market, acquires SVS Vision and Befitting
First step in long-term plan of German family business to empower US eyewear customers
HAMBURG, GERMANY, AND DETROIT, MICHIGAN, USA – 7 June 2023 – The Fielmann Group, a leading European eyewear provider, today announced that it is entering the US market with two complementary acquisitions. This is an important milestone in the internationalisation that the German family business pursues with its Vision 2025 growth strategy.
The Fielmann Group has entered into a definitive agreement to acquire 100% equity ownership of SVS Vision, an optical retailer that operates more than 80 stores across 9 US states. As the market leader in the state of Michigan, SVS Vision generated more than US$100 million in sales in 2022. The transaction is expected to close by 31 August 2023, subject to customary closing conditions.
The Fielmann Group also announced that it has entered into a definitive agreement to acquire 100% equity ownership of Eyevious Style, Inc., the company known for its online eyewear retailer Befitting. The online retailer simplifies eyewear shopping for vision insurance customers. This transaction is expected to close today.
Marc Fielmann, CEO of the Fielmann Group: “Fielmann’s purpose is to help everyone hear and see the beauty in the world. Our acquisitions of SVS Vision and Befitting are in line with our Vision 2025 with which we digitalise and internationalise our family business. This is the first step in our long-term plan to re-define what US consumers can expect of eyecare and eyewear.”
In connection with the transactions, the Fielmann Group announced that it has appointed Lukas Ruecker as CEO of Fielmann USA, Inc. Lukas joins the Fielmann Group after spending more than a decade at Luxottica. Over the last ten years, he served as President of EyeMed Vision Care which he transformed into the fastest-growing vision benefits provider globally.
Lukas Ruecker, CEO of Fielmann USA, Inc.: “Over its 50 year history, the Fielmann Group has shaped the European eyewear market with its signature customer centricity. SVS Vision is known for its friendly service, great people and longstanding heritage while Befitting provides an exceptional digital platform and outstanding talent. Combined they constitute the Fielmann Group’s omnichannel platform with which we are going to empower our customers in US optical retail.”
Hamburg, Germany – 7 June 2023
Fielmann Group (Fielmann Aktiengesellschaft)
The Management Board
About the Fielmann Group
The Fielmann Group is a German family business that serves more than 27 million customers via its omnichannel platform consisting of digital sales channels and about 1,000 retail stores. Founded in 1972, it is led by Marc Fielmann, representing the second generation of the Fielmann Family who still owns the majority of the company’s stock. By making fashionable eyewear affordable and staying true to its customer-centric values, the Fielmann Group is consistently reaching customer satisfaction and retention rates of more than 90% and has to-date fitted more than 170 million pairs of individual prescription glasses. The family business employs more than 23,000 people worldwide.
About SVS Vision
SVS Vision is an optical retailer based in Mt. Clemens, MI, USA. The company is the market leader in the state of Michigan and operates a total of more than 80 stores across 9 US states. The privately held business employs around 650 people and generated more than US$100 million in external sales in FY2022. SVS Vision also owns and operates its own optical laboratory as well as a vision insurance.
About Befitting
Befitting (Eyevious Style, Inc.) is a technology provider and online optical retailer that makes eyewear shopping with vision insurance fun and easy. The company employs 26 specialists in Canada and the United States.
Further information
Katrin Carstens · Director Communications & PR · presse@fielmann.com · +49 40 270 76-5907
Ulrich Brockmann · Director IR · investorrelations@fielmann.com · +49 40 270 76-442
07-Jun-2023 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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| Language: | English |
| Company: | Fielmann AG |
| Weidestrasse 118 a | |
| 22083 Hamburg | |
| Germany | |
| Phone: | +49 (0)40 270 76-0 |
| Fax: | +49 (0)40 270 76-390 |
| Internet: | www.fielmann-group.com |
| ISIN: | DE0005772206 |
| WKN: | 577220 |
| Indices: | SDAX |
| Listed: | Regulated Market in Berlin, Dusseldorf, Frankfurt (Prime Standard), Hamburg, Hanover, Munich, Stuttgart; Regulated Unofficial Market in Tradegate Exchange |
| EQS News ID: | 1651835 |
| End of Announcement | EQS News Service |
1651835 07-Jun-2023 CET/CEST