European value-for-money optical platform nexeye to be acquired by KKR from 3i, accelerating its strategic growth ambitions

• KKR’s investment enables nexeye to accelerate further its ambitions to expand its optical and hearing care services within existing and new markets, with a continued focus on customer service, product quality and innovation.
• Under 3i’s ownership, nexeye has pursued a strategy focused on market expansion and championing a value-for-money offering for customers.

Gorinchem (NL) / London (UK), 25 April 2024 – nexeye (the “Company” or “Group”) 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.

Headquartered in Gorinchem, the Netherlands, nexeye is a leading European provider of value-for-money eye care operating under the Hans Anders, eyes + more and Direkt Optik labels. The Group, its labels and its 3,500 employees together provide affordable, high-quality eye and hearing care to customers across 719 stores in the Netherlands, Belgium, Germany, Austria and Sweden. Terms of the transaction were not disclosed.

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 has been central to all our efforts. As a result, sales and EBITDA have 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 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.

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 and ING Corporate Finance are acting as financial advisors and Clifford Chance LLP is serving as legal advisor for 3i.

-ENDS-

About nexeye

Nexeye is currently active in five European countries with the eyes + more, Hans Anders and Direkt Optik chains. eyes + more operates with 283 stores in Germany, Austria, the Netherlands, Sweden and Belgium, focusing on affordable, fashionable eye wear and is one of the fastest-growing optical chains in Europe. Hans Anders, founded in 1982, is a leading value-for-money chain in the Netherlands and Belgium with 402 stores offering eye and hearing care. Direkt Optik has 34 optical stores across Sweden, is known for its 3 for 1 offer and highly appreciated for the expertise of the qualified opticians in its stores. In total, nexeye and labels employ more than 3,500 people.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About 3i Group

3i is a leading international investment manager focused on mid-market Private Equity and Infrastructure. Its core investment markets are northern Europe and North America. For further information, please visit www.3i.com.

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