REG - Inspecs Group PLC - Acquisition of BoDe

InspecsAnnouncement

08/12/2021 07:00

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RNS Number : 8976U  Inspecs Group PLC  08 December 2021

8 December 2021

 

Inspecs Group plc

("Inspecs", the "Company" or "the Group")

 

Acquisition of BoDe

 

Inspecs Group plc is pleased to announce that it has acquired the partnership
assets and liabilities of BoDe Design Vertriebs GmbH & Co. KG (a limited
partnership under German law) ("BoDe"), a distributor of optical and
sunglasses frames principally to the German market. Inspecs is currently the
largest supplier to BoDe and will pay an upfront cash consideration of
approximately €1.76m from existing cash resources and deferred cash
consideration based on financial performance over the next three financial
years. BoDe is expected to generate revenues of approximately €3.75m in 2021
and the acquisition is expected to be earnings enhancing in 2022.

 

Robin Totterman, CEO of Inspecs commented:

 

"I am pleased to welcome BoDe, a long established distributor of eyewear in
Germany, Holland, Austria and Switzerland. We have worked alongside Stefan
Boop and Matthias Deter for many years and they currently distribute Inspecs
products as well as their own licensed brands Comma and ZWO.

 

"This acquisition continues our strategy of developing strategic distribution
of our products to both chain and independent opticians around the world. We
look forward to further synergies and working with the dynamic team at BoDe in
the future."

 

 

For further information please contact:

 

 Inspecs Group plc                         via FTI Consulting

 Robin Totterman (CEO)                     Tel: +44 (0) 20 3727 1000

 Chris Kay (CFO)

 Peel Hunt (Nominated Adviser and Broker)  Tel: +44 (0) 20 7418 8900

 Adrian Trimmings

 Andrew Clark
                                           Tel: +44 (0) 20 3727 1000

 FTI Consulting (Financial PR)

 Alex Beagley

 Alice Newlyn

 

 

About Inspecs Group plc

 

INSPECS is a Bath-based designer, manufacturer and distributor of eyewear
frames and optically advanced spectacle lenses. The Group produces a broad
range of frames and lenses, covering optical, sunglasses and safety, which are
either "Branded" (either under licence or under the Group's own proprietary
brands), or "OEM" (including private label on behalf of retail customers and
un-branded).

 

In December 2020, INSPECS acquired Eschenbach, a leading, global, eyewear
supplier headquartered in Nuremberg, Germany, which includes the American
company Tura. The acquisition extended the Group's presence internationally in
key global markets. This followed the acquisition of lens maker Norville in
July 2020, whereby INSPECS combined two heritage brands in British optical,
Savile Row frame maker, and Norville lens maker, further enhancing its
vertically integrated business model. As one of only a few companies that can
offer this one-stop-shop solution to global retail chains, INSPECS is well
positioned to continue to take market share in the globally expanding eyewear
market.

 

INSPECS customers include global optical and non-optical retailers, global
distributors and independent opticians, with its distribution network covering
over 80 countries and reaching approximately 70,000 points of sale.

 

INSPECS has operations across the globe: with offices in the UK, Portugal,
Scandinavia, the US and China (Hong Kong, Macau and Shenzhen), and
manufacturing facilities in Vietnam, China, the UK and Italy. With the
acquisition of Eschenbach, the Group's international reach further extends
across Europe and the American markets.

 

The Group's growth strategy going forward is to: (i) continue to grow
organically; (ii) undertake further acquisitions (and drive value through
leveraging the Group's internal capabilities); and (iii) extend the Group's
manufacturing capacity.

 

More information is available at www.INSPECS.com.

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