SCHIPHOL, The Netherlands—GrandVision NV (Euronext: GVNV) said Wednesday that Sweden’s Synoptik Foundation and GrandVision have entered into an agreement with Mellby Gård AB to acquire the Swedish optical chain Smarteyes through the GrandVision subsidiary Synoptik A/S. The closing of the transaction is subject to customary regulatory approvals, according to the announcement. The financial terms of the deal have not been disclosed. Smarteyes was founded in 2007 and by the end of 2020 operated 87 stores. The stores are located in Sweden (65 stores), Denmark (12 stores) and Germany (10 stores).

In 2020, the business reported a net revenue of SEK 622 million and has more than 500 employees. It is the fourth-largest optical retailer in Sweden and the fifth-largest optical retailer in Scandinavia, the announcement noted. The retailer is among the holdings of Mellby Gård, a family-owned, long-term investor that works to preserve the entrepreneurial spirit of its companies, according to its website.

The Synoptik Foundation is a business foundation with a business and a non-profit purpose within the broad field of vision and ophthalmology. It provides financial support for education and research in optics, optometry, ophthalmology and broader disciplines where vision and eyes are included, and it partly supports the continued development of GrandVision subsidiary Synoptik A/S through the foundation's co-ownership.

GrandVision, which operates approximately 7,200 stores worldwide, was acquired by EssilorLuxottica in a deal that closed in July, as VMAIL reported.

The company also owns the For Eyes optical retail business in the U.S.

In the announcement Wednesday, GrandVision said it “particularly values Smarteyes' mission to design affordable glasses for everyone, and its mid- to low-market positioning combined with their transparent pricing model and strong focus on design.”

Also, the addition of Smarteyes to GrandVision will “benefit the dual-banner market strategy in the region alongside Synoptik, GrandVision's mid-high optical retail banner,” the announcement noted.

Stephan Borchert, chief executive officer of GrandVision, 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.”

Thomas Kusoffsky, Smarteyes' chief executive officer, added, “Smarteyes and Synoptik share the same values of providing affordable eyecare to our customers. To become a part of GrandVision’s global organization, and benefit from their industrial knowledge, will be an additional enabler for Smarteyes continued success.”

The clearance of the transaction is expected to be completed within eight months from the time of the signing of the acquisition agreement, the companies said.