UK eyewear company Inspecs Group has conditionally agreed to acquire all of the equity interests in German eyewear supplier Eschenbach for approximately £84.7m.

The acquisition extends Inspecs’ presence in markets such as the US, Germany and France with a network of over 250 sales representatives and over 12 international subsidiaries.

Robin Totterman, CEO of Inspecs, said: ‘As a high-quality business with a strong management team and track record of margin-accretive growth, Eschenbach represents the ideal fit for Inspecs.

‘Moreover, it will enable the group to penetrate key global markets, broaden our customer reach, strengthen our brand portfolio and capitalise on the compelling structural opportunities that exist in the fragmented global eyewear market.’

Inspecs said its greater scale after the acquisition would provide the company with the opportunity to acquire bigger global licenses.

It added that the acquisition provides an opportunity to enhance its product offering, such as providing a complete frame and lens package through integration with the company’s Norville lens manufacturing facility.