A Bath-based designer eyewear business has agreed to buy a German rival for €95million (£84.7million).
Inspecs Group, which manufactures and distributes frames, has conditionally agreed to acquire all the equity interests in Nuremberg-based eyewear supplier Eschenbach Holding.
The consideration will be paid in cash on closing the deal, according to the company.
Eschenbach has two divisions; one is focused on designing and distributing glasses frames and one on designing, manufacturing and distributing specialist optics products.
It has a presence in the US and continental Europe, particularly in Germany and France, alongside a portfolio of more than 15 in-house and licensed brands.
Inspecs said the acquisition was a “key strategic step” in the company’s growth internationally. The acquisition and associated costs are being funded through a conditional placing to raise £64million.
The senior management team from Eschenbach, which itself owns US eyewear firm Tura, will join Inspecs, according to the company.
The news comes just months after Inspecs bought up the manufacturing arm of a Gloucester-based glasses company that went into administration.
Robin Totterman, Inspecs chief executive, said: “As a high-quality business with a strong management team and track record of margin-accretive growth, Eschenbach represents the ideal fit for Inspecs.
“Moreover, it will enable the group to penetrate key global markets, broaden our customer reach, strengthen our brand portfolio and capitalise on the compelling structural opportunities that exist in the fragmented global eyewear market.
“By adding to the group’s resilient, vertically integrated business model, this deal expands our global distribution network and brings over 250 salespeople into the group, propelling Inspecs to a new high by creating one of the largest eyewear companies in the world.
“We look forward to welcoming the Eschenbach team and working together to build on Inspecs’ recent positive trading momentum while accelerating our long term growth and delivering value to our shareholders.”
