Funds advised by Apax today announced an agreement to acquire Rodenstock
Group from Compass Partners.
The Apax Funds will support the Rodenstock management team’s vision of
accelerating the company’s growth through innovation, commercial execution and
digitisation, whilst continuing to deliver the highest level of service to
clients and partners.
Anders Hedegaard, CEO of Rodenstock, said: “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. 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.”
Steven Dyson, Partner at Apax and Co-Head of
Healthcare, commented: “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. 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.”
Tim Wright, Partner at Compass Partners, commented: “In the last 5 years Rodenstock has been
transformed into a global leader in ophthalmic lenses. We are delighted that
the Apax Funds have agreed to acquire the business. We believe their
partnership with Anders Hedegaard and his team will provide a strong platform
for future growth which will allow Rodenstock to maximise its full potential.”
The transaction is subject to applicable regulatory approvals and is
expected to close in the middle of 2021. Financial terms were not disclosed.
Click HERE for the full press release.
