On Air Now

Listen

Listen Live Now » 93.7 FM Fargo-Moorhead

Weather

Current Conditions(Fargo,ND 58103)

More Weather »
73° Feels Like: 73°
Wind: NW 0 mph Past 24 hrs - Precip: 0”
Current Radar for Zip

Today

Sunny 83°

Tonight

Clear 58°

Tomorrow

Sunny 85°

Alerts

CVC buys Nordic optical retail chain Synsam

STOCKHOLM (Reuters) - Private equity firm CVC Capital Partners has bought eyewear chain Synsam Nordic from Alipes, the investment firm controlled by Sweden's Kamprad family which also controls the world's largest furniture retailer IKEA, CVC said on Tuesday.

CVC did not say how much it paid for Synsam, which had sales of around 3 billion Swedish crowns ($467 million) in 2013 and employs some 2,600.

Alipes, which is focused on investments in the Nordic consumer and retail sectors, had owned Synsam since 2007. It launched an earlier abortive attempt to sell the unit in 2012, at which time sources had told Reuters it could fetch around 500 million euros ($689 million).

"With attractive market positions, a strong brand name and an extensive store network, as well as an emerging online offering, Synsam is now ready to take the next step in its development," CVC said in a statement.

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

Alipes is an investment company owned by Inter IKEA Investments and Ikano, both of which are controlled by the Kamprad family.

(Reporting by Sven Nordenstam; Editing by David Holmes)

Comments