Houlihan Lokey Advises Smarteyes

Houlihan Lokey is pleased to announce that Smarteyes Holding AB (Smarteyes), a portfolio company of the Swedish family-owned, long-term investor Mellby Gård AB, has been acquired by GrandVision NV and Synoptik Foundation through their subsidiary, Synoptik A/S. Houlihan Lokey served as the sole sellside advisor to Mellby Gård and management. This transaction closed on 1 July 2022.

Smarteyes, based in Gothenburg, Sweden, was co-founded by Mellby Gård in 2007 as a new challenger in the optical industry with the concept of taking control of the entire value chain, from proprietary design to in-store customer interaction. Today, Smarteyes owns and operates stores across Sweden, Denmark, and Germany under the company’s own brand and is established as one of Scandinavia’s leading eyewear chains. The company sells its assortment of modern and fashionable spectacles with a highly valued service-focused approach in a dedicated store concept at reasonable and transparent prices.

Founded in 1986, Mellby Gård is a Swedish family-owned, long-term investor that endeavours to preserve the entrepreneurial spirit of its companies. The group currently consists of 18 holdings, well balanced across four different verticals: industry, consumer goods, agriculture, and services.

GrandVision, part of the EssilorLuxottica Group, is a global leader in optical retailing, delivering high-quality and affordable eye care to customers around the world. The company’s products are offered through leading optical retail banners that operate in more than 40 countries across Europe, the Americas, the Middle East, and Asia. GrandVision serves its customers in over 7,200 stores and with more than 39,000 employees.

Stephan Borchert, GrandVision’s CEO, said, “Smarteyes is a well-positioned concept which provides a highly competitive value proposition. We see fast-growth opportunities in its stronghold in Sweden and the rest of its locations. This acquisition will strengthen our positioning in the Scandinavian market, as we continue to execute our strategic priorities.”

Houlihan Lokey served as Smarteyes’ exclusive financial advisor and assisted in initiating, structuring, and negotiating all aspects of the transaction on its behalf. This deal further highlights the firm’s deep optical eyewear expertise, having recently advised on the sale of eyes + more (No. 4 in Germany) to 3i-backed Hans Anders Group and the acquisition of Pro Optik (No. 3 in Germany) by Paragon Partners.