Super-Pharm purchases eyewear chain Erroca in $23m deal

Erroca has an annual sales turnover of approximately NIS 100 million through its 60 branches.

 Super-Pharm, the largest, leading drugstore chain in Israel.  (photo credit: MOSHE SHAI/FLASH90)
Super-Pharm, the largest, leading drugstore chain in Israel.
(photo credit: MOSHE SHAI/FLASH90)

Super-Pharm continues to expand its business operations, with a recent acquisition of theirs seeing them obtain Erroca from Michael and Jacob Wolf for NIS 77 million.

Erroca has annual sales of NIS 100 million through 60 branches and 200 employees. It specializes in selling sunglasses from fashion houses and international brands.

The deal doesn’t include the Einit subsidiary, however. Erroca will integrate with Super-Pharm, which operates optics departments that give vision tests and sell eyeglasses and contact lenses. The optics department is operated under the Super-Pharm Optics brand.

Part of Super-Pharm's optical sales come from the private brand UNIC and the glasses collection developed with Noa Kirel. The chain's specialization focuses on eyeglasses, and it’s considered to be a smaller player in the sunglasses field. 

The Israeli optics market is saturated with competitors and various chains including Halperin, Opticana and Carolina Lemke. The market generates about NIS 2 billion a year, and it includes about 1,300 stores.

 Illustration photo of Super Pharm drug store and pharmacy at the Hadar mall in Jerusalem, on April 30, 2018.  (credit: HADAS PARUSH/FLASH90) Illustration photo of Super Pharm drug store and pharmacy at the Hadar mall in Jerusalem, on April 30, 2018. (credit: HADAS PARUSH/FLASH90)

Super-Pharm, managed by Nitzan Lavi, is the largest Israeli pharmacy chain which has 280 branches and operates through franchisees. 

About a year ago, it branched out and established Daily's, which offers fresh food, and the Beauty Clinic chain of clinics specializing in medical aesthetics.