maconda assists the pan-European investment firm Argos Wityu in buying a majority stake as part of a succession agreement in aktivoptik, one of Germany’s leading optician and hearing-acoustics chains. Consultants from the Cologne-based consulting firm maconda prepared the transaction with a comprehensive commercial due diligence assessment, bringing their many years of expertise in retail, ophthalmology and hearing acoustics to the table.
aktivoptik is a medium-sized company with a tradition of family ownership. It has a network of 76 branches and revenue of €50 million (2017), making it the fifth-largest optician and hearing-acoustics chain in Germany. Most of the branches are located in hypermarkets with a concurrent high frequency of customers and regular customer contact. Further advantages are longer opening hours and free parking at most locations. The company’s success is the result of a good value for money, high quality products and consultation as well as a marked family-like company culture.
During the commercial due diligence assessment, maconda assessed current developments in the optician industry, focusing mainly on the increasing buy-outs of independent and chain opticians, the gradual merging of optician and acoustics services as well as access to and retention of skilled workers.
aktivoptik’s unique market position in the fragmented supply landscape was scrutinised against the background of this context. maconda investigated the general structure of the industry, which consists of large well-known optician chains, independent opticians and small and medium-sized chains that are often local heroes in their region. The consultants compared sales strategies, target groups and locations of the large chains and conducted targeted interviews with market insiders as well as several store checks with the aim of validating aktivoptik’s special location and sales concept in hypermarkets.
maconda concluded its work with a detailed analysis of aktivoptik’s network of branches and growth prospects, the latter of which was based on a strategy workshop with management. Completion of the transaction is still subject to approval by antitrust authorities.
In recent years, the maconda team has worked closely with various healthcare issues, including in the ophthalmology and optician industry, and successfully completed numerous projects. Among these projects are several investment checks and commercial due diligence assessments as well as strategy and M&A-related projects.
Extensive industry expertise: Glasses | Contact lenses | Optician chains with own and franchise stores with various target groups and locations | Intraocular lenses | Eye clinics | Eye laser surgery centres | Hearing-acoustic chains | Hearing aids
For more than 20 years, maconda has been advising companies and investors on the acquisition, development and restructuring of businesses. This also includes the digitalisation of business models beyond isolated campaigns and buzzwords. maconda has completed more than 800 consultation and implantation projects and more than 350 transaction projects, giving the firm wide-ranging expertise in providing pragmatic assistance in challenging projects. Our clients include medium-sized businesses, divisions from major companies as well as international private equity investors and family offices.
Our focus industries: Consumer goods | Food | Retail | Wholesale | e-commerce | Consumer services | Business process outsourcing and corporate services | Healthcare | Packaging | ICT & technologies of the future | Machine engineering in relation to our core industries
Our core topics: Strategy development and implementation | Value enhancement | Digitalisation of business models | Market and feasibility studies | Commercial due diligence assessments | Corporate restructuring and turnaround