News
Cavendish advises on the sale of Black & Lizars
8 April 2008Cavendish Corporate Finance LLP is pleased to have advised on the sale of Black & Lizars to a European investment consortium for an undisclosed consideration.
The consortium has committed an initial funding package to significantly expand by acquisition the chain's Scottish and Northern Ireland outlets from the existing 25 practices, before building the brand in the rest of the United Kingdom and possibly further afield.
Cavendish originated, structured and project-managed the transaction, including a competitive process.
Colin Black, the Chairman of Black & Lizars said: "Cavendish have delivered an extremely good outcome for the shareholders as a result of their commitment and dedication to the process throughout. Using their ability and experience to close the deal despite recent turbulence in the financial markets was impressive. I am grateful and delighted."
The Glasgow-headquartered company, which has 255 staff, will be chaired by UK retail veteran Maurice Bennett CBE, founder of the Warehouse Group, Oasis Stores and Phase Eight. He said: ''The retail optical industry is moving fast. It is a great opportunity to join a company with such a gilt-edged heritage that can benefit from the wider range of expertise that will now be available."
The new chief executive is London-based international optical retail entrepreneur Majid Sadjadi. The existing management team Colin Black, Geoffrey Ballantine and Peter Ivins will continue in their roles.
Peter Ivins said: ''I am delighted that our new investors recognise the brand that is Black & Lizars. The investment and expertise this agreement brings will allow us to bring our expansion plans forward."
Mr Sadjadi said: ''Black & Lizars is a highly-respected Scottish brand with a heritage of commitment to quality eye care built over many years. We see this heritage as a platform on which to build Black & Lizars, first as the leading brand in Scotland, then as a UK and Continental brand synonymous both with quality service and stylish, designer eyewear."
As a vendor-only specialist, Cavendish is ideally placed to help entrepreneurs and business owners achieve their objectives. Cavendish was established in 1988 and since then has completed the sale of some 400 businesses. Cavendish is a member of M & A International, the world's leading corporate finance alliance, www.mergers.net.