Rodenstock Announces Agreement with New Financial Partner
Rodenstock, the German eyewear company based in Munich, has reached an agreement with the integrated Private Equity international group, Permira, aimed mainly at achieving growth on the international market. According to last Monday's announcement by the president of the group, together with the management of Rodenstock, the new partner will hold 49% of the shares, with 51% remaining in the hands of the family holding, Optische Werke G. Rodenstock KG.
The collaboration should open Rodenstock up to new development possibilities, especially in west and east Europe and Asia. New acquisitions are not to be excluded either, particularly in the distribution sector. The German group, which in recent months has been in contact with numerous potential investors, described Permira as a sound financial group: for the company, the agreement is a step towards quotation on the stock exchange.
Permira also sees excellent growth possibilities on the international market for its partner: 'We are sincerely convinced that Rodenstock can achieve strategic market share both at home and abroad', declared Evelyn Ehlert spokesperson for Permira Gmbh.
The task of finding new investors was entrusted at the beginning of the year to the Frankfurt-based financial advisory company, Drueker & Co.. In 2001 Rodenstock recorded a deficit of 19 million euros out of overall billings of 422 million euros, but in 2002 the company saw an almost 3% increase in billings from its main sector, eyewear, with a total last year of 368 million euros.
