Merger announced between Dollond & Aitchinson and Boots Opticians
Through the merger between the subsidiary Dollond & Aitchison and Boots Opticians, De Rigo S.p.A. has finalized an agreement that will lead to the setting up of a second chain in the United Kingdom operating in the optics sector.
The new company will have about 690 stores, 210 of which will be franchised, and over 5,000 employees. The agreement envisages that Dollond & Aitchison stores will gradually change to the Boots Opticians logo. Sharing a long tradition and an excellent reputation for top-quality customer service is an extraordinary opportunity to consolidate these strong points under the same brand name, but with differentiated products.
De Rigo S.p.A. acquired Dollond & Aitchison ten years ago and it is now the world leader for the design, production and distribution of top-quality eyewear and one of the major European distributors in the optics sector.
Alliance Boots is an international group and leader of the pharmaceutical and health and beauty sectors, with health and beauty retail products and the distribution of intermediate pharmaceuticals as its two core businesses. The company has more than 110,000 employees and is located in over twenty countries.
The shareholders in the new company are Alliance Boots (majority) and De Rigo S.p.A. and it will be managed as an independent company with headquarters in Nottingham. Pradip Patel (the current Managing Director of Boots Opticians) will become president and Andy Ferguson (the current Managing Director of Dollond & Aitchison) will be the new company’s Managing Director.
The merger between the two companies is scheduled for completion during the second quarter 2009, after the approval of the relevant authorities. UniCredit Markets & Investment Banking assisted Alliance Boots in the operation.
Maurizio Dessolis, Vice President of De Rigo S.p.A., stated: “The agreement will enhance the complementary nature of the two chains’ strong points. The new company will offer its customers excellent service and top-quality products. Thanks to this extraordinary opportunity for growth, we are certain that our group will strengthen its position among the leaders of the optics and eyewear sectors.”
Stefano Pessina, Executive Chairman of Alliance Boots, said: “The merger is an extraordinary opportunity to create a leading company in the optics market in the United Kingdom by taking advantage of the recognized strength of the Boots brand.”
