Apax Global Alpha to invest EUR 21.3m in Rodenstock Group

Apax Global Alpha said on Thursday that it was putting €21.3m (£18.37m) into ophthalmic lens manufacturer Rodenstock Group, as part of a majority stake investment by the Apax X Fund, in which it is a limited partner.

The FTSE 250 firm said the transaction was expected to close by the third quarter.

It said that on a look-through basis, it expected to invest about €21.3m in Rodenstock, before any closing adjustments and based on the most recent exchange rates available.

“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,” the Apax board said in its statement.

“Headquartered in Munich, 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’.”

Apax said Rodenstock’s portfolio also included eyewear under the Rodenstock and Porsche Design brands.

It said the Apax X Fund would support the Rodenstock management team to accelerate growth through innovation, commercial execution and digitalisation.

“The Apax Healthcare team has a deep understanding of innovative medical technology 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.”

At 0945 GMT, shares in Apax Global Alpha were up 0.05% at 190.3p.