BrazilMiddle East eyewear retailers Magrabi and Rivoli merge
Gulf eyewear companies Magrabi and Rivoli have announced their merger, creating an eyewear retail business with more than 290 locations in seven Middle Eastern markets. PwC advised Rivoli during the transaction process.
Dubbed the ‘Magrabi-Rivoli Enterprise’, the combined new group will become one of the largest eyewear retail businesses in the Middle East, with stores in the UAE, Qatar, Oman, Saudi Arabia, ,Kuwait, Bahrain and Egypt.
The larger of the two businesses, Magrabi, has around 200 stores. Rivoli meanwhile has 90 outlets across the UAE, Qatar, Oman, and Bahrain.
“This transaction marks a substantial move forward in our journey as we continue in the next phase of our transformation, and embarking on this partnership with the Rivoli Group makes this a truly exciting and important step,” said Amin Magrabi, Chair of Magrabi Retail Group.
With more scale and financial muscle, Magrabi said the joint group will be able to expand its market share and improve its services. “The MENA eyewear market remains highly-fragmented and we remain confident in our ability to, together, lead a market poised for consolidation and to continue on the path towards establishing the Group as a global leader.”
Under the deal, Rivoli will become a minority shareholder in Magrabi Retail Group. Zamesh Prabhakar, vice chairman and managing partner of Rivoli Group, will continue at the helm of Rivoli Group, and become a member of Magrabi Retail Group’s investment committee.
“For Rivoli, Magrabi is the ideal partner to form this joint enterprise, positioning us as the top eyewear retailers in key geographies and economic centers of the Middle East,” said Prabhakar.
Terms of the deal were not disclosed. PwC provided M&A services to Rivoli, with its deal captain stating: “We are proud to have successfully advised Rivoli in its strategic merger with Magrabi Retail Group. This groundbreaking collaboration marks a significant milestone for the companies and brings together two visionary brands, both committed to innovation and excellence in the eyewear industry.”
Other M&A consulting firms involved in the deal were at the time of writing not known.
