Acquisition of BoDe
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:
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Inspecs Group plc Robin Totterman (CEO) Chris Kay (CFO)
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via FTI Consulting Tel: +44 (0) 20 3727 1000 |
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Peel Hunt (Nominated Adviser and Broker) Adrian Trimmings Andrew Clark |
Tel: +44 (0) 20 7418 8900 |
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FTI Consulting (Financial PR) Alex Beagley Alice Newlyn |
Tel: +44 (0) 20 3727 1000 |
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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