LONDON: Apax X Fund, in which AGA is a limited partner, announced that it has entered into a definitive agreement to acquire a majority stake in Rodenstock Group, a leading manufacturer of premium ophthalmic lenses.
The transaction is expected to close by Q3 2021, subject to applicable regulatory requirements, a news release said.
On a look through basis, AGA is expected to invest approximately €21.3m in the company. Note that these figures relate to AGA’s look through position of Apax X’s overall investment in Rodenstock and are stated before taking into account any closing adjustments and translated based on the latest exchange rates available where applicable1.
Founded in 1877, Rodenstock has been a global leader in prescription lenses for over 140 years, with a strong track record of innovative product development and market leading technologies.
Headquartered in Munich, Germany, Rodenstock employs around 4,900 people worldwide and is represented by sales subsidiaries and distribution partners in more than 85 countries.
Rodenstock has a strong and growing pipeline of innovation; its patented DNEye Pro technology stands at the core of its business strategy and made Rodenstock the first company to measure the individual shape and size of each eye and use thousands of data points to produce individualised eyeglass lenses, called Biometric Intelligent Glasses (B.I.G. VISION™). The company’s portfolio also includes eyewear under the Rodenstock and Porsche Design brands.
Apax X will support the Rodenstock management team’s vision of accelerating the company’s growth through innovation, commercial execution and digitalisation, whilst continuing to deliver the highest level of service to clients and partners.
The Apax Healthcare team have a deep understanding of innovative MedTech through prior investments in the space, including companies such as Candela, a pioneering non-surgical aesthetic device company, and Acelity, the global leader in wound-care products.
AGA, whose shares are listed on the London Stock Exchange, provides investors with access to a diversified portfolio of private equity funds advised by Apax Partners as well as a focused portfolio of debt and equity investments. In July 2019, AGA made a commitment of c.$450m to Apax X.