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Inspecs acquires Stockholm-based manufacturer Ego Eyewear
23rd Dec 2021 08:46
(Sharecast News) - Eyewear specialist Inspecs Group has acquired Stockholm-based manufacturer Ego Eyewear for an initial consideration of £6.17m and a deferred consideration partly based on the business' performance over the next three years.
Inspecs said on Thursday that ut anticipates Ego, which also has operations in London, Osaka and Hong Kong, to report revenues of £8.9m for 2021, up from £3.4m in 2020, with the acquisition also projected to be earnings enhancing for 2022.
Chief executive Robin Totterman said: "We are pleased to bring Ego into the Inspecs Group to further develop our brand portfolio and add to our Scandinavian offering, where we believe there are considerable opportunities for us.
"Both parties were able to see the value that Inspecs brings to continued development of global sales. Ego's design studio in Stockholm adds to our existing teams in the UK, Portugal, Hong Kong and New York. We look forward to working with the new members of our group in 2022."
As of 0845 GMT, Inspecs shares were up 1.37% at 370.0p.
Inspecs said on Thursday that ut anticipates Ego, which also has operations in London, Osaka and Hong Kong, to report revenues of £8.9m for 2021, up from £3.4m in 2020, with the acquisition also projected to be earnings enhancing for 2022.
Chief executive Robin Totterman said: "We are pleased to bring Ego into the Inspecs Group to further develop our brand portfolio and add to our Scandinavian offering, where we believe there are considerable opportunities for us.
"Both parties were able to see the value that Inspecs brings to continued development of global sales. Ego's design studio in Stockholm adds to our existing teams in the UK, Portugal, Hong Kong and New York. We look forward to working with the new members of our group in 2022."
As of 0845 GMT, Inspecs shares were up 1.37% at 370.0p.