The capitalization support fund for large French companies, Lac1, has acquired a stake in the world leader in optics EssilorLuxottica, Bpifrance announced on Wednesday.
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This investment is the second of this fund endowed with more than 4 billion euros.
Supported by Bpifrance and private investors but managed by the public investment bank, it was created in early 2020 to support under-capitalized French companies.
The amount of the investment in EssilorLuxottica has not been specified.
"In accordance with its roadmap, the Lac1 fund wishes to get involved in the long term to enable the group to better understand the technological and environmental transformations underway"
, indicates Bpifrance in a press release.
EssilorLuxottica put in difficulty by the pandemic
Under the effect of the pandemic, the turnover of the Franco-Italian group fell by 21.2% to 10.32 billion euros over the first nine months of 2020. The share, dropped below 100 euros in March, has since risen to nearly 137 euros.
In November, the fund acquired a 5.08% stake in the chemicals group Arkema for an amount of 348 million euros.
When it was created, the fund's stated objective was to achieve an investment capacity of 10 billion euros, in particular to stabilize the capital of listed French companies and protect them against hostile takeovers.