Nexeye to be acquired by KKR from 3i, accelerating our strategic growth ambitions

Nexeye today announced that a definitive agreement has been signed whereby investment funds and accounts managed by KKR agreed to acquire the Company from investment firm 3i Group plc.
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25 April 2024

Under 3i’s ownership, nexeye expanded into new markets, most notably with the acquisition of eyes + more in 2019, to enhance accessibility and affordability of essential eye and hearing care. Going forward, nexeye will be uniquely positioned to play a key role in addressing long-term trends driving increasing incidence of vision correction concerns, capitalizing on KKR’s extensive sector experience, global platform and successful track record in the industry.

Bart van den Nieuwenhof, CEO of nexeye, said: I would like to thank 3i for a true partnership under which we successfully created a leading omnichannel optical platform. We strengthened and developed our organization, modernized and opened stores and realized a step change in omnichannel and digital innovation. Now, we are thrilled to continue this growth path together with KKR. We share a vision to establish nexeye as the leader in the European value-for-money optical sector, with a focus on customer service, product quality and innovation. I look forward to our partnership.”

Boris Kawohl, Partner, Consumer sector head at 3i, said:We are proud of the transformation from Hans Anders at the time of our investment in 2017 to nexeye now. The best value-for-money offering with good quality products and services have been central to all our efforts. As a result, sales and EBITDA has doubled during 3i’s ownership period. We believe nexeye is now ready for the next international growth phase. We thank Bart and the whole nexeye team and wish them all the best going forward.”

Felix Gernburd, Partner at KKR, said: “We believe nexeye offers a differentiated value proposition for consumers. We are excited to invest in nexeye and to support its Management team and employees in their continued ambitions to expand the Company’s footprint and offer the best quality eye and hearing care at affordable prices to consumers.”

Simon Bouchard, Director at KKR, continued: “KKR’s extensive experience and global track record of success in the optical sector underscores our commitment to investing in this important industry. We are confident that our strategic partnership with investment in nexeye will best position the Company to capture future growth opportunities and establish it as the leader in the European value-for-money optical and hearing care sector in the long term.”

KKR is making its investment in nexeye primarily through its European Fund VI, an $8 billion fund that invests in the growth of leading businesses by providing access to KKR’s extensive network and business building resources. Terms of the transaction were not disclosed.

The transaction is subject to customary closing conditions and regulatory approvals. Jefferies LLC and UBS Investment Bank are acting as financial advisors and Kirkland & Ellis LLP is serving as legal advisor for KKR. Harris Williams is acting as financial advisor and Clifford Chance is serving as legal advisor for 3i.

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