DEMENEGO
Acquired by
VAM INVESTMENTS
DEMENEGO acquired by VAM INVESTMENTS
Target
DEMENEGO
Acquirer
VAM INVESTMENTS
Context
VAM Investments acquired an 80% majority stake in Demenego from the founding De Menego family. This primary buyout transaction was designed to facilitate the transition of the company from a family-run business to a managerially-led retail platform. The founding family reinvested to retain a 20% minority stake, ensuring a smooth leadership handover. The strategic rationale for the deal centers on accelerating the growth of the store network and professionalizing the corporate structure.
This transaction is part of the Healthcare & Pharma industry, which currently tracks an average EBITDA multiple of 13.4x since the beginning of 2026, 1.2% decrease compared to 2025. This data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.
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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.
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Historical Financials (EUR)
Other operations with DEMENEGO
| Date | Acquirer | Target | Country | Sector | Deal Context |
|---|---|---|---|---|---|
| 10/2024 | MONTEFIORE INVESTMENT | DEMENEGO | ITALY | Ophthalmology | 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. |
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