Sonenshine Partners Advises Essilor on its Acquisition of Signet Armorlite
Company Press Release
April 2, 2010
New York, NY - Sonenshine Partners LLC today announced that it acted as financial advisor to Essilor on its previously announced acquisition of Signet Armorlite, a leading independent manufacturer of ophthalmic lenses. Following approval by the US competition authorities, Essilor has completed its acquisition of Signet Armorlite, which is based in California and generates a global revenue of approximately $115 million, primarily through its subsidiaries in the United States, the United Kingdom, Germany, Spain, Columbia, Portugal and Holland.
Holding an exclusive worldwide license for the development, production and distribution of Kodak(R) brand lenses, Signet Armorlite markets a product portfolio that is strategically aligned with Essilor's offering. The acquisition will enable Essilor to strengthen its positions in the high-quality mid-range segment. Operated independently by the current management team, Signet Armorlite will leverage Essilor's distribution network to promote the Kodak(R) brand and reach new customers and consumers around the world.
"The acquisition of Signet Armorlite illustrates Essilor's strategy of offering product and service lineups tailored to each segment of the ophthalmic optics market," said Hubert Sagnières, Chief Executive Officer of Essilor International. "We're going to capitalize on our Company's size as well as its extensive research and development capabilities to increase the opportunities for the Kodak brand in the international ophthalmic marketplace."
"We see excellent synergies between the strength of our Kodak brand and Essilor's leading position in the worldwide ophthalmic market," said Brad Kruchten, president of Kodak's Film, Photofinishing and Entertainment Group. "We are confident that this combination will insure the Kodak brand has a substantial position in vision care moving forward."
The world leader in ophthalmic optical products, Essilor International researches, develops, manufactures and markets around the world a wide range of lenses to correct myopia, hyperopia, presbyopia and astigmatism. Its flagship brands are Varilux(R), Crizal(R), Essilor(R), Definity(R) and Xperio(TM). Based in France, the company reported consolidated revenue of more than EUR3.2 billion in 2009, with 34,700 employees and operations in 100 countries. The Essilor share trades on the NYSE Euronext Paris market and is Included in the CAC 40 index.
Sonenshine Partners is a leading independent investment bank focused on providing integrated strategic, financial and corporate advisory services. The firm was founded in 2000 and is headquartered in New York City.