Luxottica Group S.p.A. (Milan, Italy), the proprietor of the LensCrafters and Sunglass Hut chains of eyewear stores in the United States, has announced a definitive merger agreement with Cole National Corp. (Mayfield Heights, Ohio), proprietor of around 3000 Cole Vision and Pearle Vision locations.
Under the agreement, Luxottica will acquire all of the outstanding shares of Cole National, a transaction worth about $401 million.
“This acquisition is a natural strategic move for Luxottica,” said chairman Leonardo Del Vecchio, “as the addition of Cole National retail operations and brands gives us the opportunity to enhance our North American retail market offerings in product categories complementary to our LensCrafters and Sunglass Hut International operations.”
According to Cole National president and ceo Larry Pollock, “During the past several months, a special committee of our board has thoroughly examined a range of strategic options for our future. [It] has decided that a combination with Luxottica, in addition to providing fair value for our shareholders, represents an excellent partner for Cole National associates, franchisees and affiliated doctors of optometry. We will have increased financial strength, greater resources to grow our brands and new opportunities to build managed care relationships, all of which will benefit our associates, customers and host partners.”