Ashurst acted for funds advised by Equistone Partners Europe (Equistone) on the sale of their majority stake in Eschenbach Holding GmbH (Eschenbach) to Inspecs Group plc (Inspecs). The sale is subject to the approval of the relevant authorities.
Nuremberg-based eyewear manufacturer Eschenbach was founded in 1913 and has developed as a global market leader for optical vision aids into one of the globally leading designers of branded glasses and optical products. Eschenbach has branches, among others, in the UK, France, the US and Japan. The company belongs to the portfolio of Equistone since 2007.
Inspecs, based in Bath and listed in London, was founded in 1988 and produces a broad range of frames, covering optical, sunglasses and safety, with a distribution network reaching over 80 countries. The merger with Eschenbach creates the sixth largest eyewear supplier in the world. To finance the transaction, Inspecs will, inter alia, resolve on a capital increase to raise approximately GBP 64m.
Equistone is one of Europe's leading equity investors and operates in Germany, Switzerland, the Netherlands, the UK and France. With over 160 investments throughout Europe and a current portfolio of around 50 companies, Equistone focuses on buy-outs of middle market companies with enterprise values between €50m and €500m.
The Ashurst core team was led by partner Dr Benedikt von Schorlemer working together on this transaction with partner Dr Stephan Hennrich, senior associate Dr Valentin Pfisterer and associate Jan Ischreyt (all Corporate M&A). The corporate team was assisted by partners Dr Gerrit Clasen (takeover law), Dr Maximilian Uibeleisen (foreign trade regulation), Dr Anders Kraft (Tax) as well as counsel Dr Maria Held (Antitrust), Dr Ian Maywald (M&A), Holger Mlynek (Commercial) and Dr Philipp Vorbeck (Finance). From the Tokyo office, Chiharu Takatori was involved. In New York, partners M. Sharon Kim and Michael Neary as well as senior associate Michael Lyndon-James advised.
Ashurst regularly advises Equistone on the acquisition and sale of companies.
