2024
Innova Capital sells its stakes in Optical Investment Group to EssilorLuxottica
By entering the dynamic Romanian optical retail market, EssilorLuxottica will further expand its existing footprint in the region and advance in its commitment to enhance access to high-quality vision care worldwide
Warsaw, Poland (July 30, 2024 – 8:00 am) – EssilorLuxottica announces that it has entered into an agreement for the acquisition of the entire share capital of Optical Investment Group, a leading retailer of optical eyecare and eyewear products in Romania, from Innova/6 - a private equity fund from Innova Capital Group, and a group of individual minority shareholders.
The agreement represents a significant step forward in elevating the optical market in Romania for the benefit of all industry players. It will allow EssilorLuxottica to grow appreciation for quality eyewear and eyecare solutions among consumers in the 19 million people country, while at the same time continuing to deliver its innovations to its more than 1,800 valued customers and partners who remain at the heart of the company’s strategy.
Optical Investment Group was set-up in 2019 in cooperation with Innova Capital by combining two established Romanian optical retail chains - OPTIblu and Optiplaza. Over the past 5 years, Optical Investment Group has not only significantly expanded its network of traditional stores, but has also developed e-commerce channels, with a total of more than 650 talented employees and optometrists. Optical Investment Group operates through the country’s largest optical retail network comprising 99 directly operated stores, under three well-known banners: OPTIblu, Optiplaza and O51.
Leszek Muzyczyszyn, Senior Partner at Innova Capital, comments: "We were happy to see the business grow and develop over the last five years and solidify its leading position in Romania. We are confident that it will continue to flourish and grow for many years to come, as part of the global EssilorLuxottica family.”
“Joining the EssilorLuxottica family not only marks a milestone in our journey but also highlights our collective dedication to excellence and innovation in vision care. It is a privilege to lead a team that is now joining a global leader like EssilorLuxottica. Together, we are poised to elevate the optical sector to unprecedented levels, ensuring quality care and exceptional service for our customers across Romania” adds Alina Bistreanu, CEO at Optical Investment Group SA.
The transaction is expected to close in Q4 2024, pending regulatory approvals and other customary closing conditions.
About Innova Capital
Innova Capital is an independent private equity adviser operating from Poland and investing in majority buyouts in mid-sized enterprises doing business in Central and Eastern Europe. Since its inception in 1994, Innova Capital has invested close to EUR 1.4 billion in almost 70 companies across 10 countries in the region. Innova was recognized by the Polish Private Equity and Venture
Capital Association (PSIK) as PE Management Firm of the Year 2023 & 2024.
About Optical Investment Group
The OIG is the leading retailer and the important distributor on the Romanian optical market. The group provides a large variety of eyecare products and services. The group has almost 100 stores well-spread across the country operating mostly in shopping malls in Bucharest and main cities in Romania. Its retail operations are complemented with distribution and ecommerce activity.
