NEW YORK--Private equity firm Circle Peak Capital closed on its acquisition of three privately-owned U.S. luxury optical retail chains--Lunettes, Morgenthal Frederics Opticians and Optical Fashion Center--early this month (VM, April 24, page 10).
|Davante’s 12 stores, including this Lunettes location, are included in the acquisition.|
Terms of the deal were not disclosed.
The newly consolidated group, called Luxury Optical Holdings, now comprises approximately 25 stores, each offering high-end fashion eyewear brands, including several lines exclusive to the group. The stores are in premium retail sites across the country, including New York City, Las Vegas, Boston, Los Angeles and Atlanta.
Veteran retail executives Pierre Keyser and Bernard Andrews, who partnered with the sponsors from the deal’s inception, are investors in the newly formed company and will complement Luxury Optical’s existing management and oversee its strategic direction.
“We have successfully combined the best optical stores in key markets to form the most extensive privately owned luxury eyewear retailing group, at a time when eyeglasses have become an indispensable accessory in everyone’s wardrobe. With our new size and reach, we will continue to bring the public the most unique and distinctive eyewear while making their shopping experience truly remarkable,” said Keyser.
“Our team’s strong collective capabilities, loyal customers and prestigious eyewear brands provide Luxury Optical with a powerful base for successful and profitable expansion throughout key U.S. markets,” said R. Adam Smith, managing partner of Circle Peak Capital.