Essilor to complete Lenstec acquisition
Author: Andrew McClean
It has been announced that Essilor Group in the UK would acquire the remainder of the Lenstec Optical Group shareholding from owners Nigel Castle and Gerard Donovan.
Essilor, which acquired a minority shareholding of Lenstec through Shamir in 2016, expected to complete the deal this year once it received approval from the Competition and Markets Authority.
Olivier Chupin, Essilor’s vice-president for North Europe, said: ‘We are pleased to reinforce our partnership with Lenstec which will allow us to improve access to the Essilor Group’s wide range of product offering to British consumers.
‘The successful relationship that the Essilor Group enjoyed over the past years with the team at Lenstec has illustrated the relevancy of further combining Essilor’s technologies and know-how with the wealth of expertise and strong heritage of Lenstec.
‘This addition presents us with a number of opportunities, across a broad range of market segments especially key accounts.’
Lenstec operates from three sites across the UK, including Caerphilly, Bishop’s Stortford and Leeds, and experienced a turnover of £22m in 2019.
Managing director of Lenstec, Castle, said: ‘We are excited to continue our journey within the group. The partnership with Essilor and Shamir allows us to both strengthen and extend our products and service offering to our valued customers, whilst retaining the same customer intimacy, service and solutions our customers have come to expect.’