Essilor Group to complete acquisition of Lenstec Optical Group
Essilor acquired a minority shareholding in the company in 2016 through Shamir and now plans to acquire the remainder of the shareholding
The Essilor Group has confirmed its intention to acquire the remainder of the Lenstec Optical Group shareholding.
Essilor acquired a minority shareholding in the optical company through Shamir in 2016.
Now the Essilor Group plans to complete the acquisition for the remainder of the shareholding from owners Nigel Castle and Gerard Donovan.
Olivier Chupin (pictured), Essilor’s vice president 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.”
Chupin explained that the existing relationship between the companies illustrated the “relevancy” of expanding the partnership, adding that this move will present Essilor with “a number of opportunities, across a broad range of market segments, especially key accounts.”
Lenstec operates in three sites across the UK. The company saw a turnover of £22m in 2019.
Commenting on the announcement, Lenstec’s managing director, Castle, shared: “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.”
The new deal is expected to close during 2021, pending approval from the UK Competition and Markets Authority.