Fielmann Group acquires Shopko Optical
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EQS-Ad-hoc: Fielmann Group AG / Key word(s): Expansion/Takeover Fielmann continues US expansion with further acquisition Fielmann USA Inc., New York, USA, a wholly-owned subsidiary of Fielmann Group AG, Hamburg, Germany, has today entered into an agreement to acquire 100% equity ownership in Shoptikal Topco, Inc. (Shopko Optical), Green Bay, Wisconsin, USA. The seller is Shoptikal Parent Holdings, L.P., Green Bay, Wisconsin, USA, whose majority shareholders are funds advised by Monarch Alternative Capital, New York, USA. The transaction is expected to close in the third quarter of this year, subject to customary closing conditions, including receipt of any necessary regulatory approvals. The acquisition of the shares is based on a valuation of the equivalent of approximately US$ 290 million. Shopko Optical is an optical retailer operating more than 140 stores across 13 US states. Upon closing, Fielmann USA Inc. intends to integrate Shopko Optical into its omnichannel platform that, following the completion of the transaction, would serve customers via digital sales channels and more than 220 retail practices across 19 US states. End of Inside Information Information and Explanation of the Issuer to this announcement: Fielmann Group acquires Shopko Optical, expands in Upper Midwest HAMBURG, GERMANY / DETROIT, MICHIGAN & GREEN BAY, WISCONSIN, USA – 10 June 2024 – The Fielmann Group, a leading global eyewear provider, today announced that it has entered into a definitive agreement in which its US subsidiary, Fielmann USA, will acquire 100% equity ownership in Shopko Optical, an optical retailer based in Green Bay, Wisconsin, from Monarch Alternative Capital LP. The transaction is expected to close in the third quarter of this year, subject to customary closing conditions and regulatory approvals. Shopko Optical has been a leader in providing trusted eyecare to communities for over 40 years. The company operates more than 140 stores across 13 US states and generated US$168 million in sales in 2023. Upon closing, Fielmann USA intends to integrate Shopko Optical into its omnichannel platform that, following the completion of the transaction, would serve customers via digital sales channels and more than 220 retail practices across 19 US states, predominantly in the Midwest. The transaction marks another milestone for the Fielmann Group’s growth strategy in the US. In 2023, it entered the market by acquiring online eyewear retailer Befitting as well as SVS Vision, an optical retailer that operates 80 stores across 9 US states with a market-leading position in Michigan. Marc Fielmann, CEO of the Fielmann Group: “Fielmann’s purpose is to help everyone hear and see the beauty in the world. Our acquisition of Shopko Optical is in line with our Vision 2025 growth strategy to expand our business further internationally, particularly in the US market. This acquisition is the next step in our long-term plan to re-define what US consumers can expect of eyecare and eyewear.” Lukas Ruecker, CEO of Fielmann USA, Inc.: “Over its 50-year history, the Fielmann Group has helped shape the European eyewear market with its signature customer-centricity. Having integrated recent acquisitions, SVS Vision and Befitting, Fielmann USA today offers a unique omnichannel shopping experience for customers with vision insurance. The addition of Shopko Optical is going to enable us to make affordable quality eyewear and eyecare accessible to more people across the Midwest.” More information on the transaction and US strategy will be provided during Fielmann Group’s Annual General Meeting on 11 July 2024. Hamburg, Germany – 10 June 2024 About Fielmann Group AG About Shopko Optical Pictures Further information
10-Jun-2024 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
| Language: | English |
| Company: | Fielmann Group AG |
| Weidestrasse 118 a | |
| 22083 Hamburg | |
| Germany | |
| Phone: | +49 40 270 76-0 |
| Fax: | +49 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: | 1921651 |
| End of Announcement | EQS News Service |
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1921651 10-Jun-2024 CET/CEST
