Lion Capital set to buy French glasses retailer Alain Afflelou
PRIVATE EQUITY firm Lion Capital said yesterday it is close to clinching a deal to buy rival Bridgepoint’s majority stake in Alain Afflelou, the French eyewear retailer.
The UK-based buyout group has entered exclusive talks with Bridgepoint and minority shareholders Apax Partners and Altamir Amboise and expects to finalise the deal in June, it said.
No price was given although Lion is said to have offered around €800m (£653m). Banking sources in March said that the sale was expected to be backed by around €300m of debt.
Alain Afflelou, founded in 1972, runs 1,100 stores across Europe and Africa mainly through franchises. Last year the company made sales of almost €800m.
London-based Bridgepoint bought a majority stake in the company in 2006 for around €500m. Last year it said it was considering either listing the company or selling its stake.
Lion Capital is advised by Lazard and SJ Berwin while Bridgepoint is being advised by Rothschild.