Funds advised by Apax plan to acquire Rodenstock Group, a Munich, Germany-based manufacturer of ophthalmic lenses, from Compass Partners.
“We are excited to partner with the Apax Funds, who have a proven culture of investing for growth, and who will be able to support Rodenstock’s continued quest to develop and produce the highest quality lenses for our customers,” said Anders Hedegaard, CEO of Rodenstock. “During 2020 we saw tremendous growth driven by our B.I.G. VISION technology, which helped us emerge from the Covid-19 crisis stronger than most of our competitors. Our innovative technology enhances the value proposition that can be delivered by our opticians, who in turn are delivering optimal vision to consumers.
“With the support of Apax we are looking to expand our presence even further by offering our customers more excellent and innovative products.”
Financial terms of the deal were not disclosed. But Bloomberg reports that the transaction “could value Rodenstock at about 1.5 billion euros ($1.8 billion) including debt.”
The acquisition is subject to regulatory approvals and is expected to close in the middle of 2021.
“Rodenstock fits perfectly with the Apax Funds’ healthcare strategy of investing in innovative companies with a differentiated customer proposition and the potential to achieve stand-out growth,” said Steven Dyson, Partner at Apax. “Under Anders’ management, Rodenstock’s strategic refocus has already translated into strong performance in 2019 and 2020, despite the Covid-19 pandemic, creating a robust foundation for future success.”