REG - Inspecs Group PLC - Acquisition of Ego Eyewear

InspecsAnnouncement

23/12/2021 07:00

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RNS Number : 5591W  Inspecs Group PLC  23 December 2021

23 December 2021

 

Inspecs Group plc

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

 

Acquisition of Ego Eyewear

 

Inspecs Group plc is pleased to announce that it has completed the acquisition
of Ego Eyewear Limited ("Ego Eyewear", "Ego"). Ego Eyewear is a design and
licensing company and uses third party eyewear manufacturers to produce
premium fashion brands. Its prestigious design house is based in Stockholm,
and it also has operations in London, Osaka and Hong Kong.

Ego's licensed brands include Barbour, Liberty of London, Viktor & Rolf,
Lyle & Scott, Henry Lloyd and Joseph, and Nordic brands Ivana Helsinki,
Valerie and Day. Ego's main distribution channel is through major optical
chains. The company is run by second generation eyewear veterans Ronald and
Johanna Gezang, who are known for their innovative and creative designs.

Inspecs Group plc has acquired 100% of Ego Eyewear Limited and its operating
subsidiaries in Sweden and Hong Kong for an initial consideration of £6.175m
and a deferred consideration partly based on performance over the next 3
years. Ego is expected to have revenue of £8.9m for the year to 31 December
2021 (2020: £3.4m), and Inspecs expects the acquisition to be earnings
enhancing for 2022.

More information on Ego Eyewear can be found at www.egoeyewear.com
(https://eur02.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.egoeyewear.com%2F&data=04%7C01%7Cchris.kay%40inspecs.com%7C8b8c6e64ff2b48b0c1b508d9c448ea2e%7Cf1ad65e86938459d8139964830845e7d%7C0%7C0%7C637756639723500136%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000&sdata=J0iCZL8rzZgw1I5as4TzdzNoP6POpviMM5N22JDouMM%3D&reserved=0)

 

Robin Totterman, CEO, Inspecs commented:

 

"We are pleased to bring Ego into the Inspecs Group to further develop our
brand portfolio and add to our Scandinavian offering, where we believe there
are considerable opportunities for us. We have known Ronald and Johanna for a
number of years and watched as they have successfully developed Ego into a
significant player in the Nordic region, Japan and the UK. Both parties were
able to see the value that Inspecs brings to continued development of global
sales. Ego's design studio in Stockholm adds to our existing teams in the UK,
Portugal, Hong Kong and New York. We look forward to working with the new
members of our Group in 2022."

 

 

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 (http://www.INSPECS.com)

 

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