October 19, 2018 / 7:22 AM / a month ago

CVC invites banks to pitch to sell or list Nordic optical retailer Synsam

LONDON/FRANKFURT (Reuters) - Private equity fund CVC has invited banks to pitch for the sale or initial public offering of Nordic optical retailer Synsam, two sources familiar with the matter said, in a deal which could value the company at more than $950 million.

Synsam is the largest optical retail chain in the Nordic region with more than 420 own stores and franchisees in Sweden, Denmark and Norway.

Synsam has annual revenue of around 3.3 billion Swedish krona ($366 million) and earnings before interest, tax, depreciation and amortization (EBITDA) of around 660 million Swedish krona.

If Synsam fetches a similar valuation to German peer Fielmann (FIEG.DE), it could be valued at 8.6 billion Swedish krona ($953 million), according to Reuters calculations.

CVC, which bought Synsam from investment company Alipes and former store owners in 2014, declined to comment on its planned exit. In 2013, Synsam reported revenues of approximately 3 billion Swedish krona.

Synsam was founded in 1968 as a voluntary member organization with a common brand which worked together in areas such as marketing and purchasing.

($1 = 8.9426 Swedish crowns)

Reporting by Dasha Afanasieva; Editing by Kirsten Donovan

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