FGX International, a leading eyewear designer and marketer and wholly-owned subsidiary of Essilor International, announced today that it has completed the acquisition of Suntech Optics Inc., a privately held company headquartered in Vancouver, British Columbia. This acquisition also included the purchase of Naked Eye Enterprises and Bugaboos Eyewear Corporation.
Suntech, a company with a 41-year history, is primarily engaged in the sale of sunglasses and reading glasses under proprietary brands including Infokus® and Solair™. Suntech’s base business is comprised of retailers in the drug, grocery and mass channels of distribution. Suntech has distribution in over 2,800 retail outlets throughout Canada.
Established 29 years ago to target the sport channel, Bugaboos Eyewear Corp. is the founder, owner and designer of Ryders Eyewear, an internationally recognized brand in the performance eyewear category, currently serving over 1800 retailer locations in North America, South America and Europe.
FGX International’s eyewear brands include Foster Grant®, Gargoyles®, Solar Shield®, Magnivision®, Corinne McCormack® and Anarchy® and licensed brands including Ironman®, Dockers®, Nine West®, Body Glove® and Disney®.
Commenting on the acquisition, César Melo, CEO of FGX International, said, “The Suntech acquisition strengthens our position as the leading non-prescription sunglasses and over-the-counter reading glasses company, and is a key strategic business accomplishment to solidify our position in the North American market.”
“We are stoked!” says Brent Martin, CEO for the combined Suntech/Bugaboos companies. “With the deep pool of talent and resources of FGX and Essilor we are now in a strong position to take these brands global.” Martin also commented, “What sealed the deal for me is the FGX/Essilor commitment to making a difference in the world something that mirrors my values.”
Terms of the deal were not disclosed.
About FGX International
FGX International Inc. is a leading designer and marketer of non-prescription reading glasses and sunglasses with a portfolio of established, highly recognized eyewear brands including Foster Grant®, Sight Station®, Magnivision®, Gargoyles®, Anarchy®, Corinne McCormack®, SolarShield® and PolarEyes®. FGXI also holds licenses for brands such as Ironman®, Body Glove®, Disney®, Field & Stream™, Dockers®, Reebok®, Nine West®, NASCAR®, and Panama Jack®. Based in Smithfield, Rhode Island, FGXI has approximately 500 full time employees. Additional offices are located in New York City; San Luis Obispo, CA; Toronto; Milan; Stoke-on-Trent, England; Mexico City; and Shenzhen, China.
About Essilor International
The world’s leading ophthalmic optics company, Essilor designs, manufactures and markets a wide range of lenses to improve and protect eyesight. Its corporate mission is to enable everyone around the world to access lenses that meet his or her unique vision requirements. To support this mission, the Company allocates around €150 million to research and development every year, in a commitment to continuously bring new, more effective products to market. Essilor’s flagship brands are Varilux®, Crizal®, Definity®, Xperio®, Optifog™ and Foster Grant®. It also develops and markets equipment, instruments and services for eye care professionals. Essilor reported consolidated revenue of €4.9 billion in 2012 and employs around 48,700 people in some 100 countries. It operates 19 plants, a total of 390 prescription laboratories and edging facilities, as well as several research and development centers around the world.