Norville's owners buy German optical manufacturer
By Rob Freeman | 20th November 2020
The firm which bought the lens manufacturing division of Gloucester opticians The Norville Group has agreed a deal to buy a German eyewear supplier.
Bath-based Inspecs purchased The Norville Group in July in a deal believed to be worth around £2.4million.
And it has now conditionally agreed the deal to buy Eschenbach, based in Nuremberg, for around £85million.
A company statement said the acquisition provided a complete frame and lens package through integration with Norville's manufacturing facility.
Inspecs chief executive Robin Totterman said: "As a high-quality business with a strong management team and track record of margin-accretive growth, Eschenbach represents the ideal fit for Inspecs.
"Moreover, it will enable the group to penetrate key global markets, broaden our customer reach, strengthen our brand portfolio and capitalise on the compelling structural opportunities that exist in the fragmented global eyewear market."
Retail arm Norville Opticians was bought in June by The Hakim Group, the largest group of independent opticians in the UK, with nine shops across the county continuing to operate under the Norville name.
Copyright 2020 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.