Rodenstock has been acquired by European private equity firm Bridgepoint from Permira for an undisclosed sum, reported by the Financial Times, December 27, as more than €600m (£402m).
Bridgepoint described Rodenstock, which employs 4,300 people worldwide, as Europe's number three and the global number four in the manufacture of optical lenses and frames. Revenues for the business in 2005 were €345m.
Uwe Kolb, Bridgepoint partner responsible for investment in Germany, said: 'Rodenstock is a strong European business which leads its home market and has a growing global footprint. It is well placed to take advantage of robust markets which are largely driven by an ageing and wealthier population which values high performing products and sees spectacles as a fashion and lifestyle item more than a medical necessity.'
Dr Giancarlo Galli, Rodenstock's CEO, said: 'We are happy with Bridgepoint as our new shareholder. Bridgepoint is fully backing the strategic direction we have been following the last three years and has - for us very important - presented a well-based and growth-orientated financial concept.'
Rodenstock was bought by Permira Funds in June 2003, and €100m had been invested, with R&D expenditure up 50 per cent. Permira described how with Rodenstock's management and employees it had turned the company into 'one of the trendsetters which represents a benchmark in the optical industry'.
Speaking at Rodenstock UK's annual awards in London's Savoy Hotel in December, Dr Galli introduced Keith Carnes, formerly customer marketing director of Gillette, as Rodenstock UK's new managing director.
Dr Galli said he was very proud of what Rodenstock had achieved and it was now outperforming the market, particularly in Germany where it was 14 per cent ahead. 'It is good news all around and in terms of margins and profit, the financial situation of the company in the last three years is considerably improved.'
He said that Rodenstock would continue in the same successful direction, with a focus on what the market needed. For the consumer that meant spectacle lenses and frames, especially for the over-40 market. He added that the company had worked hard with the supply chain, investing €20m in addition to ongoing innovation, for example the new Mei Automazione CNC glazing system in Kent.
He said Rodenstock would also compete directly with Transitions with its ColorMatic lenses. Rodenstock had made substantial inroads in the sports market, surpassing €10m turnover. 'Every sports vision wearer also has a pair of ordinary spectacles,' he said.
An example of success in a new product segment was the Porsche Design Reading Tool which had now sold 11,000 pieces.
Dr Galli announced the evolvement of Rodenstock Club into the Star Club. As well as providing marketing support, training and open days, there is a tie-up with Birmingham Optical Group for preferential rates on Nidek instruments, which had been distributed by Rodenstock some 20 years ago.