Acquisitive multiple buys into Denmark

Specsavers Opticians has acquired another Scandinavian group, this time in Denmark.

The Guernsey-based business has bought Louis Nielsen, which has a 10 per cent value share of the £236.5m  (DKr2.6bn) Danish optical market.

Louis Nielsen has 32 outlets throughout Denmark, and Specsavers plans to double that number within three to five years.

The move represents yet another overseas foray for the multiple, which can now boast it has interests in six European countries.

Specsavers was undoubtedly attracted to the valuable Danish market, and the Louis Nielsen brand name, under which the chain will continue to operate.

Individually the Danes spend more on their vision correction than anyone else in Europe (see below), on average spending £309 (DKr3,400) on their purchase of eyewear. There are two and a half million eyewear users in Denmark, and 690 outlets sell over half a million spectacles a year.

Louis Nielsen grew from one practice in 1996, has its headquarters in Aalborg, and is particularly well represented in Jutland. Louis Nielsen himself will continue as a consultant to Specsavers.

Doug Perkins, chairman and founder of Specsavers, said: 'Denmark's spectacle and contact lens wearers pay more than anyone else in Europe. They urgently need what Specsavers and Louis Nielsen stand for - fashionable, quality eyewear for low, transparent prices.'

He added that in Louis Nielsen 'we have found the perfect partner'.

'We share the same passion for making quality eye care affordable for everyone. And like Specsavers, Louis is not afraid to make waves in the optical market to bring about change for the benefit of the consumer.'

Nielsen said the purchase was good news for Denmark's spectacle wearers.

'Specsavers sells in one month the same number of spectacles as the entire Danish market sells in a year,' he said.

'This massive punching power for frames, lenses and contact lenses means that we will be able to offer even better value for money in more locations across the country.'

Denmark is the third Scandinavian country Specsavers has expanded into during the last 12 months. Last year the multiple bought Sweden's 34-practice group Blic and the 19-outlet opticians chain Tva Bla. Now trading as Specsavers Blic Optik, sales have doubled, reports the multiple.

And last month the Guernsey business announced it would open 21 outlets in Norway in the next three months.

david.challinor@rbi.co.uk