Marcolin SpA and its affiliates backed by leading European private equity firm PAI Partners together with HVHC Inc., the holding company for Visionworks of America, Inc., Davis Vision, Inc. and Viva Optique, Inc. (Viva International), today announced the signing of a Stock Purchase Agreement under which Marcolin agrees to acquire Viva International. The acquisition, which is subject to satisfaction of customary closing conditions (including required domestic and international governmental approvals) is expected to become effective in the next few months.
Marcolin brings a rich history and a strong financial background to Viva International. Marcolin was founded in 1961, and had approximately $282 million in sales in 2012. It is backed by leading European private equity firm PAI Partners, which acquired a majority shareholding in the company in December 2012, and has extensive experience in the consumer sector. Following the acquisition, the combined businesses will be well positioned to offer customers differentiated value in the industry.
Giovanni Zoppas, CEO of Marcolin, said, “We are very pleased to announce the acquisition of Viva International. The combination of the two companies will deliver significant extra value for our customers and brands, creating a truly global player in the industry as we look to expand our footprint with the support of PAI Partners.”
David Holmberg, HVHC’s President and C.E.O., said, “We are very excited about the possibilities that this acquisition will bring to Viva’s customers and we look forward to developing a strong, strategic business relationship with Marcolin.”
HVHC was advised in this transaction by Sonenshine Partners; Marcolin was advised by Lazard and Goldman Sachs.