Rodenstock acquired by Apax Funds
The acquisition is expected to support the ophthalmic lens company’s growth
The transaction is subject to regulatory approvals, and is expected to close in the middle of 2021.
Apax Funds invests in several global sectors, including healthcare, and has made a number of previous investments in innovative MedTech.
The acquisition is set to support Rodenstock’s goals of accelerating growth through innovation, commercial execution and digitisation.
CEO of Rodenstock, Anders Hedegaard, said: “We are excited to partner with Apax Funds, who have a proven culture of investing for growth, and who will be able to support Rodenstock’s continued quest to develop and produce the highest quality lenses for our customers.”
Rodenstock saw “tremendous growth” in 2020, Hedegaard said, driven by its biometric intelligent glasses (B.I.G Vision) technology, which the company suggests “helped us emerge from the COVID-19 crisis stronger than most of our competitors.”
Hedegaard added: “With the support of Apax we are looking to expand our presence even further by offering our customers more excellent and innovative products.”
Steven Dyson, partner at Apax and co-head of Healthcare, suggested Rodenstock “fits perfectly” with the firm’s investment strategy, adding: “Under Anders’ management, Rodenstock’s strategic refocus has already translated into strong performance in 2019 and 2020, despite the COVID-19 pandemic, creating a robust foundation for future success.”
Commenting on the acquisition, Tim Wright, partner at Compass Partners, said: “In the last five years Rodenstock has been transformed into a global leader in ophthalmic lenses,” adding that the new partnership with Apax Funds “will provide a strong platform for future growth which will allow Rodenstock to maximise its full potential.”
Founded in 1877, Rodenstock is represented in more than 85 countries. The company saw a record year in 2019, with sales growing to €450 million (approximately £388m at current exchange rates).