The Munich-based eyewear manufacturer Rodenstock, founded in 1877, is sold to a financial investor. It is not the first time that an investor has taken over the traditional company.
The Munich-based eyeglass and eyeglass manufacturer Rodenstock has a new owner after five years. The financial investor Apax Partners is taking over Rodenstock from the British-American Compass Partners and wants to accelerate growth, as Apax Partners announced on Wednesday.
He is the fourth investor to incorporate the traditional company with 4,900 employees. According to financial circles, the company, which was founded in 1877, will be valued at around 1.5 billion euros when it takes over, including debts. Apax and Compass did not want to comment on this.
Rodenstock survived the Corona crisis well
Rodenstock boss Anders Hedegaard hopes for more money for the expansion: “Apax stands for growth-oriented investments and will support Rodenstock in the continuation of our strategy of developing high-quality lenses.”
Rodenstock wants to expand its market presence with Apax. In addition to glasses, Rodenstock also produces spectacle frames under the Rodenstock and Porsche Design brands. The company survived the Corona crisis well, said Apax partner Steven Dyson.
Figures for 2020 are not yet available. In 2019, Rodenstock had a turnover of 450 million euros and an operating result (Ebitda) of 103 million euros. For the current year, 115 to 130 million euros Ebitda were most recently targeted.
Rodenstock was sold for the first time back in 2003
However, Compass Partners had to inject 75 million euros in fresh capital last year due to a temporary drop in sales in the corona pandemic. Nevertheless, the commitment for the investor should have paid off.
The founding family had sold Rodenstock to the holding company Permira in 2003. The company presented this to Bridgepoint in 2006 for 700 million euros. In the financial crisis of 2008, Rodenstock fell into a deep crisis, so that Bridgepoint did not find a new owner until 2016 with Compass.
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Rodenstock German traditional eyewear company sold