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10/2024

DEMENEGO acquired by MONTEFIORE INVESTMENT

ITALY Health Providers / Outpatient Care / Ophthalmology REV €25–50M

Context

Montefiore Investment acquired a majority stake in Demenego from Vam Investments. This secondary LBO follows a highly successful four-year period of ownership by the seller, during which the company more than doubled its revenue and expanded its retail network from 15 to 39 stores. The new partnership is designed to build on this solid foundation, with a strategic focus on further transforming the eyewear specialist into a national leader through innovation and omnichannel development. The investment strategy emphasizes continued significant investment in digitalization, customization technology, and the expansion of the "Demenego Labs" concept. The CEO and management team remain in place to execute this next phase of growth, aiming to capitalize on the firm's reputation for visual healthcare and rapid production capabilities. The transaction highlights the group's position as a high-margin, specialized retail platform in a consolidating European market.

It is worth noting that the fund Vam Investments took control of Demenego through an LBO in 2020.

DEMENEGO, which reported an EBITDA margin of [members only] in 2023, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average currently observed in the Healthcare & Pharma sector (14.3x).

-> Deep-dive in Healthcare & Pharma market trends

Target

Founded in 1960, Demenego is a historic Italian eyewear specialist and a leading chain of specialized optical centers in North-East Italy. The company operates a network of 39 stores and employs approximately 270 people, serving a loyal database of 630,000 registered clients. Its unique business model integrates high-level healthcare services with retail excellence, featuring state-of-the-art medical equipment for vision correction in every location. A distinctive innovation is the presence of "Demenego Labs" in all sales points, which utilize interconnected digital systems to produce customized glasses in just one hour. The group offers a vast range of over 4,500 models, combining its successful private label with major international third-party brands to ensure visual well-being and a modern omnichannel shopping experience.

Ent. Value

€25–50M

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2023
€25–50M
€5–25M
[members only]
2022
€25–50M
€5–25M
[members only]

Other operations with DEMENEGO

Other operations with DEMENEGO

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
09/2020VAM INVESTMENTSDEMENEGOITALYOphthalmology

REFERENCES

Revenue range: €25–50M

EBITDA range: €5–25M

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of DEMENEGO by MONTEFIORE INVESTMENT are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Acquirer: montefiore investment