19th Nov 2020 17:49
Inspecs Group PLC - eyewear design house and manufacturer based in Bath - Will acquire Nuremberg, Germany-based eyewear supplier Escenbach Holdings GmbH for EUR94.9 million in cash. Acquisition will be partly funded through placing of 30.5 million shares at 210 pence each, which raised gross proceeds of GBP64 million. Acquisition is expected to expand Inspecs's presence in key global markets, such as the US and Germany. Remaining consideration will be funded by existing cash reserves and facilities.
"We are delighted to have agreed to acquire Eschenbach, Germany's number one eyewear company which in turn owns one of the leading eyewear companies in the USA, Tura. 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," said Chief Executive Robin Totterman.
Current stock price: 244.00 pence
Year-to-date change: up 25% since February 27
By Dayo Laniyan; [email protected]
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