EssilorLuxottica to acquire HAL’s 76.72% interest in GrandVision

EssilorLuxottica S.A. (“EssilorLuxottica”), a global leader in the design, manufacture and distribution of ophthalmic lenses, frames and sunglasses today announces an agreement with Hal Optical Investments B.V. (“HAL”), a wholly-owned subsidiary of HAL Holding N.V, for the sale of HAL’s 76.72% ownership interest in GrandVision N.V. (“GrandVision” or the “Company”), a global leader in optical retail (the “Block Trade Agreement”). Under the Block Trade Agreement, EssilorLuxottica will buy HAL’s shares for a price of Euro 28 per share, to be increased by 1.5% to Euro 28.42 if closing of the Transaction (the “Transaction”) does not occur within 12 months from the announcement date. GrandVision supports the Transaction under the terms of a support agreement with EssilorLuxottica (the “Support Agreement”).
Closing of the Transaction between EssilorLuxottica and HAL is subject to various conditions, including obtaining antitrust clearance. The Transaction is expected to close in 12 to 24 months. After the Transaction has been successfully concluded, EssilorLuxottica will launch a mandatory cash public offer (the “Mandatory Public Offer”) for all outstanding shares in the Company, in accordance with the applicable Dutch public offer rules.
For EssilorLuxottica, the combination with GrandVision will serve as a catalyst to unlock the underlying growth potential of the eyecare and eyewear industry. The activities of both companies are highly complementary. EssilorLuxottica currently operates over 10,000 stores and several proprietary online platforms with a strong presence in the Americas. GrandVision operates more than 7,200 optical stores and online platforms in more than 40 different countries with a strong presence in Europe and Latin America.
GrandVision will bring more than 37,000 employees and Euro 3.7 billion in annual revenue to EssilorLuxottica, growing the company’s reach and expanding its dialogue with end consumers. The combination with GrandVision will create an extended multichannel platform to seize future opportunities in retail and in consumer interaction on eyecare and eyewear products and services.

Hall of Fame Inductees 2019

Hall of Fame Inductees 2019

The Vision Council is pleased to announce the Lab Division’s Directors’ Choice Award recipient and the industry veterans who have been selected to be inducted into the Lab Division Hall of Fame for 2019. The Division has named Steve Sutherlin, The Vision Council’s Lab Division liaison and former president of Sutherlin Optical, as the 2019 recipient of the Directors’ Choice Award. Sutherlin was inducted into the Hall of Fame in 2008 and will be honored again this year for his more than 45 years in the optical industry. “It’s a pleasure to honor these hard-working individuals through inducting them into the Lab Division Hall of Fame and awarding the Directors’ Choice Award on behalf of The Vision Council,” said Ashley Mills, CEO of The Vision Council. “These inductees have proven their passion for the optical laboratory industry by continually advancing and positively influencing it, and we’re looking forward to celebrating them at this year’s Hall of Fame dinner.”

The 2019 Lab Division Hall of Fame inductees are as follows:

  • Jörg Spangemacher, MAFO Magazine
    Spangemacher has dedicated his life to reporting on the optical industry worldwide, creating MAFO – The Conference as a dedicated place for industry professionals to gather and learn.
  • Arman Bernardi, iCoat
    Bernardi took leadership of iCoat during a vital transition period, significantly growing sales, introducing new technology, efficient workflow practices and ultimately making iCoat’s coating technologies the standard in coating departments of multiple large mass merchants and vision insurance companies.
  • Yvette Carranza, DVI
    Carranza is recognized for her leadership and aim to help the industry find ways to better utilize and integrate computer automation with manufacturing processes and RX delivery methods in a profitable and timely manner.
  • Ed DeRosa, Signet Armorlite
    DeRosa is known for his customer service and passion for the optical industry, while understanding competition and encourages sales teams to go above and beyond to supply optometrists with the right products to set them apart.
  • Skip Payne, IcareLabs
    Payne grew up in the optical industry, taking over the family business from his late father in January 2000. After restructuring to focus on laboratory business, Payne worked with his brothers and nephews to improve every system and procedure.
  • Kevin Rupp, Essilor
    Rupp has been a key strategist behind the growth and success of Essilor of America over the last 20 years, having great involvement in the Essilor Vision Foundation as a founding board member and treasurer.

Nominations for candidates for the Hall of Fame are submitted by members of The Vision Council. The selection of the individuals for the Lab Division Hall of Fame is made by an anonymous committee of industry veterans. Consideration is given for contributions to the optical laboratory industry, Lab Division of The Vision Council, the candidate’s individual accomplishments, personal character, reputation and length of time active in the industry.

Sutherlin will be recognized alongside this year’s Lab Division Hall of Fame inductees during the Lab Division’s Directors’ Choice Award and 20th Annual Lab Division Hall of Fame celebration on Wednesday, Sept. 18, in conjunction with the Lab Division Meeting and Vision Expo West. For more information, visit thevisioncouncil.org.

 

Steve Sutherlin at the Hall of Fame Dinner 2018 in Las Vegas. Photo credit: The Vision Council