Essilor Group to complete acquisition of Lenstec
The Essilor Group in the UK have announced their intention to complete the acquisition of the remainder of the Lenstec Optical Group shareholding from owners Nigel Castle and Gerard Donovan. The Essilor Group had acquired a minority shareholding through Shamir in 2016.
Olivier Chupin, Essilor’s VP North Europe commented, “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. The successful relationship that the Essilor Group enjoyed over the past years with the team at Lenstec has illustrated the relevancy of further combining Essilor’s technologies and know-how with the wealth of expertise and strong heritage of Lenstec. This addition presents us with a number of opportunities, across a broad range of market segments especially Key Accounts.”
Lenstec’s Managing Director, Nigel Castle, commented, “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.”
Lenstec operates from three sites across the UK and enjoyed a turnover of £22m* in 2019.
The deal is expected to close during 2021 pending approval from the Competition and Markets Authority in the United Kingdom.