PAI Management, the French private equity house, has made a recommended €491m ($564m) bid for GrandVision, a listed French optical retailer, in a rare take-private deal in France.

Last year there were only five take-privates in France, valued at a total €563m, out of 36 in Europe last year, according to figures from the Centre for Management Buy-out Research. France is the second largest buy-out market in Europe, behind the UK.