Family business of the year: Pro Optika, which captured a third of the market, is chasing new growth

Pro Optika, an optical retail chain founded in the late 1980s and grown into a significant player in Estonia's optometry market, faced the challenge of executing a major acquisition of its competitor Pere Optika. The company needed to navigate a complex transaction that would double both its store network and team size, requiring careful management of the acquisition process, competition authority approval, and subsequent integration of two organizations with different cultures and systems. The acquisition also presented the challenge of maintaining the family business values while scaling operations and bringing in professional management structures.

Grant Thornton Baltic provided comprehensive transaction advisory services to Pro Optika throughout the acquisition process. The engagement included initial negotiations and offer preparation, cost-benefit analysis including evaluation of synergies from the transaction, thorough due diligence, negotiation of the price mechanism and conditions of the purchase and sale agreement, and preparation of transaction documentation. The advisory team supported Pro Optika from day one of the transaction process through to the completion of the acquisition on June 10, 2024. The team provided strategic guidance on integrating the two organizations, managing the competition authority approval process, and structuring the transaction to maximize synergies. Grant Thornton Baltic's long-standing relationship with Pro Optika as an accounting and consultation service client enabled seamless integration of advisory services across the company's lifecycle.

Pro Optika successfully acquired Pere Optika, doubling its store network from approximately 25 to 50 stores across Estonia and significantly expanding its team. The transaction was completed on June 10, 2024, after receiving approval from the Competition Authority. The acquisition allowed Pro Optika to expand its product portfolio by adding well-known international brands, 33 stores, and Pere Optika's services and assets. The merger created significant economic benefits through economies of scale from larger operating volumes and savings in various support services costs. Pro Optika was recognized as Family Business of the Year 2024 by Enterprise Estonia (EIS) and the Estonian Employers' Confederation. The company entered a new growth phase with 50 stores now across Estonia and is redefining what it means to be a modern family-run business.