
Equistone sells Eschenbach to trade
Equistone has sold optician chain Eschenbach to UK-based Inspecs Group.
The transaction remains subject to competition authority approval.
The deal is valued at €94.85m, according to a statement from Inspecs.
Equistone (then Barclays Private Equity) acquired a 70% stake in Eschenbach in August 2007 in an SBO from Hannover Finanz and the Eschenbach family. The GP invested via Equistone Partners Europe II, which held a final close in February 2005 on €1.65bn. The buyout was backed by senior debt from IKB Deutsche Industriebank.
The GP backed a number of add-ons for the company during the investment period, including UK-based International Eyewear in September 2008. Debt was provided to support the bolt-on by a consortium led by IKB. The company also acquired US-based Tura in December 2009.
The company sold technical optics division Oproflux to BWK in June 2014 in a deal valued at €20m in June 2014.
Company
Nuremburg-based Eschenbach was established in 1913. The company designs and sells lenses and frames for eyewear, including glasses, sunglasses and visual aids. The company reported revenues of €100m in 2007 compared with turnover of €143m in 2019.
People
Equistone Partners Europe – Marc Arens (managing director, partner); Michael Bork (managing director); Julia Lucà (investment director).
Eschenbach – Jörg Zobel (CEO).
Inspecs Group – Robin Totterman (CEO).
Advisers
Vendor – Lincoln International (M&A); Ashurst (legal); EY (financial due diligence, tax).
Acquirer – Livingstone (M&A); Gleiss Lutz (legal); KPMG (financial due diligence, tax)
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