3i invests €200m in Hans Anders to support further growth

3i invests €200m in Hans Anders to support further growth

10 Apr 2017

3i Group plc (“3i”) today announces that it has agreed to invest €200m in Hans Anders, a leading optical retailer in the Benelux. The business is being purchased from Alpha Private Equity and Alpinvest.

Founded in 1982 and headquartered in Gorinchem, the Netherlands, Hans Anders is a market leading, value-for-money optical retailer in the Benelux with a presence in Sweden and France. The company offers a range of private label and branded spectacles, as well as hearing aids, contact lenses and sunglasses, at average price points significantly below its major competitors. The company is the most well-known optical retailer in its core markets with a high level of brand awareness and customer loyalty.

Hans Anders represents an attractive opportunity in the sweet spot of 3i’s consumer strategy and will benefit from long-term, macro growth dynamics including an aging population and an increasing focus by consumers on the value-for-money segment. 3i has extensive experience of investing in the value-for-money segment through its existing investments in Action, the leading international non-food discount retailer, and Basic-Fit, the largest value-for-money fitness club operator in Europe.

Hans Anders operates 253 stores in the Netherlands, 105 in Belgium, 62 in France and 36 in Sweden and achieved sales of €192m in the last fiscal year ending January 2017. It has achieved average annual revenue growth of 10% since 2013.

Robert Van Goethem, Partner & Head of Consumer at 3i, commented:
“Hans Anders is a successful company, led by a first class management team, with exciting growth potential. The European optical retail market remains heavily fragmented and we believe there are significant opportunities for Hans Anders as a leading player in the value-for-money segment. We look forward to supporting the management team to drive further growth and expand the company’s footprint.”

Remco Boerefijn, who will become CEO of Hans Anders following the transaction, said:
“We are delighted to be partnering with 3i. As well as its deep experience and strong track record of supporting retailers in the Benelux and Europe at large, it has an exceptional international network which will greatly benefit Hans Anders. 3i also has experience in the optical market which will be very valuable to our partnership.”

The transaction is subject to customary regulatory approvals.

-Ends-

For further information, contact:

3i Group plc
Silvia Santoro
Investor enquiries
Tel: +44 20 7975 3258
Email: silvia.santoro@3i.com

Kathryn van der Kroft
Media enquiries
Tel: +44 20 7975 3021
Email: kathryn.vanderkroft@3i.com

Notes to editors:

About 3i Group
3i is a leading international investment manager focused on mid-market private equity and infrastructure. Its core investment markets are northern Europe and North America. For further information, please visit: www.3i.com.

About Hans Anders
Founded in 1982, Hans Anders is an international retailer of spectacles, hearing and contact lenses. Hans Anders, the core brand in the group, is the market leader in the Netherlands and has over 400 stores in the Netherlands, Belgium and France.  In Sweden the group operates under the Direkt Optik brand. Hans Anders employs over 1,500 people. For further information, please visit: https://www.hansanders.com.

Regulatory information
This transaction involved a recommendation of 3i Investments plc, advised by 3i Benelux.