Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels,  15.7.2021  
C(2021 ) 5410 final  
 PUBLIC VERSION  
Leonard Green & Partners, L.P.  
11111 Santa Monica Blvd., Suite 2000  
Los Angeles, CA 90025  
U.S.A.  
 
Goldman Sachs Group, Inc.  
200 West Street  
New York, NY 10282  
U.S.A.  
 
AEA Investors L .P. 
520 Madison Avenue , 40th Floor  
New York, NY 10022  
U.S.A.  
Subject : Case M. 10342  – LEONARD GREEN & PARTNERS / GOLDMAN 
SACHS GROUP / AEA INVESTORS / VISUAL COMFORT  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No 139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 23 June 2021 , the European  Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which the 
undertaking s Leonard Green & Partners, L.P. (‘LGP’, US),  The Goldman Sachs 
Group , Inc. (‘GS’, US) and AEA Investors LP (‘AEA’, US), ultimately jointly 
controlled by John Garcia and Brian Hoesterey , intend to acquire within the meaning 
of Article s 3(1)(b) and 3(4) of the Merger Regulation joint control of the undertaking  
Visual Comfort & Co (‘Visual Comfort’, US), controlled by AEA , by way of purchase 
of shares .3 
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduc ed certain changes, such as the 
replacement of ‘Community ’ by ‘Union ’ and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 262, 5.7.2021 , p. 14. 

2 2. The business activities of the undertakings concerned are:  
 for LGP: investing in companies providing services, including consumer, 
business, and healthcare services, as well as retail, distribution, and industrials,  
 for GS: global investment banking, securities and investment management , 
 for AEA: identifying opportunities for private funds, structuring in vestment 
transactions through investment vehicles and disposing of such investments to 
create returns for investors in its private funds,  
 for Visual Comfort: providing decorative and functional lighting products. The 
company sells various kinds of decorati ve lights (under the brands Visual 
Comfort, Tech Lighting, Generation Lighting), decorative fans (under the 
Monte Carlo brand) and products that are a combination of decorative lights 
and fans.  
3. After examination of the notification, the European Commission  has concluded that 
the notified operation falls within the scope of the Merger  Regulation  and of 
paragraph 5 (a) of the  Commission Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No 139/2004 .4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5 .