Tuesday, January 31, 2017

Luxxotica, owner of the Ray-Ban Optical Network purchase, Carol for € 110 million

Two weeks after announcing a billion dollar merger with the French company Essilor, the Luxxotica Italian, largest manufacturer of eyeglasses in the world-owner of the brand Ray-Ban and Oakley – 100% acquired brazilian Carol Optical Network. The business value is € 110 million (about 370 million R$).
Negotiations between the two companies began a year ago. But it''s not the first time that the Italian national network, beset with 950 stores in the country. In 2011, the two companies approached, but the conversations were not ahead.
Two years later, Carol Optical, founded in 1997, was acquired by a consortium of funds anchored by the British 3i, which manage Neuberger Berman and Siguler Gutt & Company were also shareholders. The network belonged since 2008 to Marcos Amaro, son of Commander Rolim Amaro, TAM''s founder, died in 2001.
According to Ronaldo Pereira, President of Carol, the new Optical controller will provide the boost that the company needs to maintain its aggressive expansion plan. Pereira will stay in Office, after renewing his contract for another three years.
Expansion. With gross revenues of R$ 813 million in 2016, up 14% over the previous year, the Optics will maintain the goal of Carol open 175 new stores this year. "The network has a consolidated position in São Paulo and Rio de Janeiro and should focus its expansion in the South and Midwest of the country," said Pereira. The company is expanding through franchising.
As the optical market is fairly sprayed – it''s about 30000 units, being only 10% in the hands of networks – the consultant Mark Gouvea de Souza, the GS & MD, sees room for consolidation in the industry. In addition to the Carol, the largest Optical Networks in the country are the Optics Diniz and Chilli Beans.
Second Gouvea de Souza, the Optics Carol had been doing in recent months a work of brand repositioning. "With the acquisition by the world''s largest manufacturer of glasses, the net gain muscles to jump even higher."
The acquisition, according to the consultant, was made at a time when the market hit bottom on the crisis. "Despite the recessive market, the network managed to grow, and the Luxxotica took the time to enter the Country."
Pereira, Chief Executive of Optics Carol, stated that the company will keep its organic growth plan, but gave no details about possible expansion in the country through acquisitions. There are no plans, he said, to open the company''s capital at the time.
In a statement, the Luxxotica''s global ceo, Leonardo Del Vecchio said that the Country is strategic for the group. "With this acquisition, we give a step ahead to complete our integrated vertical model of business, which has shown many benefits to all of our customers," he said. Currently, the Italian already operates the Sunglass Hut chain in Brazil.
The deal depends on the approval of regulators and must be completed this semester.
Merger. The day January 16, the Italian Luxottica and Essilor French hit a merger agreement worth € 46 billion to create an industry giant with annual revenue of over € 15 billion. The operation, done through an exchange of shares, the largest global manufacturer of glasses with the lenses of the world''s largest producer.
O Estado de S. Paulo - 30/01/2017 News Item translated automatically
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