Rodenstock completes refinancing of €395 million term loan and €20 million credit facility
June 13, 2019
Munich 14 June 2019 – The Rodenstock Group, a leading manufacturer of high-quality ophthalmic lenses, announced today that it has successfully completed a refinancing of its senior debt facilities with a new term loan of €395m maturing in 7 years. In addition, the company secured a new revolving credit facility of €20 million. The transaction was arranged by J.P. Morgan as sole lead arranger.
“The refinancing is another milestone for Rodenstock. It underlines the successful transformation of the Group and provides a strong endorsement of the current strategy and future prospects. Following our record performance in 2018 and strong start to the current year, the outlook for the business remains very positive,” commented Anders Hedegaard, CEO of the Rodenstock Group.
The company is focused on its core ophthalmic MedTech capabilities within the progressive lens segment, which led to increased sales of €425 million in the financial year 2018. EBITDA also reached a new record high of €91 million, a 10% increase on previous year. The positive developments were mainly driven by efficiency improvements in production and logistics and a continued increase in lens sales driven by its strong market position in progressive lenses.
Rodenstock is a leading manufacturer of high-quality ophthalmic lenses and the only independent “pure-play” operator in this sector globally. The company, which was founded in 1877 with its headquarters in Munich, Germany, employs around 4,900 people worldwide and is represented with sales offices and distribution partners in more than 85 countries. Rodenstock maintains production plants at 14 locations in 13 countries.
For more information, visit www.rodenstock.com/press.
About Compass Partners:
Compass Partners, based in London and Stamford/USA, is a private equity investor founded in 1997 focused on secondary direct transactions. Compass provides bespoke and flexible solutions to create liquidity solutions for fund managers, financial institutions or corporates from legacy funds or assets. Compass has been majority shareholder of the Rodenstock Group since February 2016.
For more information, visit www.cpil.co.uk.