VSP Vision to Acquire Italian Eyewear Rival Marcolin
VSP Vision, the prominent US owner of Marchon Eyewear, has officially entered into an agreement to acquire its Italian rival, Marcolin SpA. This significant move sees private equity firm PAI Partners and other minority shareholders agreeing to sell their stake in Marcolin to VSP Vision, a confirmation of earlier reports. While the official statement released on Friday did not disclose the financial terms of the deal, sources familiar with the negotiations previously indicated that PAI had been seeking a valuation in excess of €1 billion ($1.2 billion) for the eyewear manufacturer.
Marcolin, a key player in the global eyewear market, is strategically based in the northeastern Italian town of Longarone, a region renowned for its eyewear industry, nestled near the majestic Dolomites. The company specializes in the design, manufacturing, and global distribution of high-quality frames for an impressive roster of luxury brands, including Tom Ford and Guess. Employing approximately 2,000 individuals worldwide, Marcolin primarily generates its revenue through overseas markets, leveraging strategic licensing partnerships with leading international fashion houses.
This transaction further highlights Italy’s continued leadership and crucial role in the manufacturing of luxury eyewear on a global scale. The industry is characterized by the dominance of the Franco-Italian heavyweight EssilorLuxottica SA, which owns iconic brands such as Ray-Ban and Oakley, alongside a diverse ecosystem of independent makers and fashion-label licensees. The acquisition by VSP Vision is set to reshape the competitive landscape within this high-value sector.
The closing of this substantial deal is currently anticipated in the fourth quarter of 2025, a timeline that is subject to receiving all necessary regulatory approvals. Additionally, Marcolin has stated that its €350 million of 6.125% senior secured notes, which are due in 2026, are expected to be redeemed around the time of the closing. This redemption will occur at a price equal to the full principal amount plus any unpaid interest, as detailed in Friday’s statement. CapM Advisors played an advisory role in facilitating the sale.
