Get Live Quote Providing consultation to Pro Optika in preparation for expansion
Estonia
Latvia
Lithuania
Challenge
Pro Optika, an Estonian-owned family business operating a retail chain of optometry stores, sought to expand its market presence and competitive position by acquiring its competitor Pere Optika. The company needed comprehensive transaction advisory support to navigate the complex acquisition process, including initial negotiations, due diligence, price negotiations, and transaction documentation, while also managing competition authority approval requirements.
Advising OptiPRO on this transaction was something that we grew fond of, since we were involved from the beginning and we supported the company in all facets during and after the transaction. I would like to single out Bruno Lauri as a superb CEO and business mind who was a great partner for our transaction advisory team throughout the process – he asked good questions, did not get flustered at tense junctures and trusted the transaction advisors at critical moments. We sincerely feel that under the leadership of Lauri, Pro Optika and Pere Optika will continue to compete successfully and grow on the Estonian optometry market. — Erik Suits, Head of Financial Advisory at Grant Thornton Baltic
Solution
Grant Thornton Baltic's transaction advisory team provided buy-side leadership for the entire transaction process starting from day one through to the acquisition completion on June 10, 2024. The engagement included supporting Pro Optika at the first negotiations, preparing the offer and conducting cost-benefit analysis including evaluation of synergies from the transaction, performing comprehensive due diligence, negotiating the price mechanism and conditions of the purchase and sale agreement (SPA), and preparing transaction documentation until finalizing the transaction. The advisory team leveraged their long-standing relationship with Pro Optika as an existing accounting and consultation service client to provide integrated advisory services.
Results
The transaction was successfully completed on June 10, 2024, after receiving a merger permit from the Competition Authority. OptiPRO OÜ acquired a stake in Optiland Eesti OÜ, the holding company of the Pere Optika chain. The acquisition gave Pro Optika the opportunity to expand its product portfolio by adding well-known international brands, 33 stores, and Pere Optika's services and assets. The economic benefits of the transaction are related to the economy of scale from larger operating volumes and savings in various support services costs. Pro Optika continued to operate Pere Optika under separate trademarks to offer a wide variety of optometry products for different consumer groups, effectively competing with market leader Instrumentarium Optika.
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