Compass Partners' Rodenstock completes €75m capital increase

The capital increase will support the company's liquidity needs and capital base, Rodenstock said in a statement, and will also be used to support its growth.

Compass Partners had planned to sell Rodenstock and mandated Jefferies to do so in February 2020, according to Unquote sister publication Mergermarket, but the GP put the sale on hold in May 2020. The exit is expected to be delayed until market conditions improve as the company is not in financial distress, according to sources cited by Mergermarket.

Compass Partners bought a majority stake in Rodenstock from Bridgepoint in 2016 and completed its investment in the company in 2018 in a €100m transaction for three Bridgepoint assets, backed by Glendower Capital, which saw Compass acquire the remaining 20% stake in Rodenstock. Bridgepoint had acquired Rodenstock from Permira in January 2007.

Previous funding
Rodenstock completed a refinancing in June 2019 comprising a €395m term loan and a €20m revolving credit facility issued by JP Morgan as sole lead arranger.

S&P Global downgraded Rodenstock to B- stable in April 2020, responding to a projected decrease in demand in the wake of the closure of a number of retail stores due to the coronavirus outbreak.

Company
Munich-headquartered Rodenstock was founded in 1877 and sells glasses frames and lenses, as well as contact lenses. It employs 4,900 people, with production plants at 14 locations in 13 countries. It has distribution partners and sales offices in 85 countries.

In 2019, the company reported turnover of €450m and EBITDA of €103m, along with an EBITDA margin of 23%, marking a 2% increase on the 2018 margin. Rodenstock reported 2018 revenues of €425m and EBITDA of €91m.

People
Rodenstock – Anders Hedegaard (CEO).
Compass Partners – Alister Wormsley (partner).

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• Expansion
• DACH
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• Germany