Pro Optik is Germany’s third largest optician chain with a network of 145 stores, selling 400,000+ spectacles per year
CVC Credit Partners is pleased to announce that it has underwritten a unitranche for Paragon Partners’ management buyout of Pro Optik Group, in partnership with Hannibal Zemariam, Pro Optik’s Managing Director.
Formed in 1987, Pro Optik Group is Germany’s third largest optician chain with a network of 145 stores. The business operates a number of fully owned stores and also a successful partnership model with joint ventures and franchise partners. Its product range includes both branded designer frames as well as private label frames in combination with high-quality lenses, selling around 400,000 spectacles per year. The company also sells contact lenses and has recently added hearing aids to its offering.
Marco Attolini, Managing Partner and Christian Bettinger, Principal of Paragon Partners, commented: “We are delighted to have completed the acquisition of Pro Optik and are very happy to have secured the support of CVC Credit. Their understanding of the market and the vision for the growth of the business ensured that the transaction could be completed in a smooth and timely manner.”
Neale Broadhead, Head of European Private Debt in CVC Credit Partners’ European Private Debt business, added: “Pro Optik is a leading player in a steadily growing market, which is supported by stable underlying socioeconomic factors. It has a strong financial profile, a stable business model and multiple levers for growth. We look forward to supporting both Paragon and Pro Optik in their mutual objective to develop the business organically, through roll-out of the hearing-aid strategy, and potential M&A.”