Regional eyewear retailer Magrabi Retail Group plans to acquire 100% of Kuwait-based optical chain Kefan Optics for an undisclosed sum, according to a joint statement (pdf). The transaction would see Magrabi add 37 stores to its network, expanding its presence in the Kuwaiti market and pushing its total store count to more than 350 across the GCC and Egypt by year-end.

The transaction marks Magrabi’s second major retail acquisition in less than a year, following its acquisition of Dubai’s Rivoli Vision last September.

We love to hear about consolidations in fragmented markets: Magrabi is doing what regional category leaders are expected to do — buying scale, cutting overlap, and consolidating. Magrabi says it will retain the Kefan brand post-acquisition while integrating its own retail and customer service standards into the chain.

Kefan’s JVs + subsidiaries: Kefan also has a joint venture with Nikon for lens manufacturing and is a shareholder in Optical Supplies Company, which owns and distributes the Bella colored contact lens brand. Optical Supplies Company isn’t included in the transaction with Magrabi, the statement said.

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