The private equity firm Permira has appointed the investment bank Druecker to find a buyer for its 85 per cent stake in the German company Rodenstock.
Permira, which declined to comment, took a 49 per cent stake in the then Rodenstock family-controlled firm in 2003 and increased that to 85 per cent in 2004. A Rodenstock family trust holds 10 per cent and the management the remaining 5 per cent.
It is believed that a strong performance over the past 18 months by Rodenstock has prompted Permira to look for a buyer. No deal is expected for months, according to insiders.
Most of the German optical sector has been recovering from a slump, following a boom with the change in optical service funding by the German government.
Rodenstock’s chief executive Giancarlo Galli said earlier this year that Permira wished to float the company on the German stock market but that it was too small. He said that Rodenstock planned to take over other firms to reach the required size in 2010, but had no concrete candidates.
He planned to boost turnover to €700m worldwide in 2010 compared with €345m in 2005. Turnover in Germany rose almost 10 per cent last year to €128m.
In 2005 Rodenstock cut 130 jobs to 4,400 worldwide, with a reduction of about 100 to 1,646 in Germany. Rodenstock has four manufacturing sites in England and a small optical group.
Also last year, Rodenstock bought Danish spectacle maker JC Filtenborg, which claimed 30 per cent of the Danish market and had 100 employees.