Press Release

EssilorLuxottica receives approval to complete acquisition of Lenstec

EssilorLuxottica

Charenton-le-Pont, France (October 14, 2021 – 6:00pm CEST) – EssilorLuxottica has received approval from the Competition and Markets Authority in the UK to move forward with its proposed acquisition of the Lenstec Optical Group shareholding from owners Nigel Castle and Gerard Donovan.

Chrystel Barranger, President of Wholesale EMEA at EssilorLuxottica, commented, “We are delighted that we are now able to progress towards reinforcing our partnership with Lenstec, allowing us to improve access to EssilorLuxottica’s wide range of product offering to British consumers. The successful relationship that EssilorLuxottica has enjoyed over the past years with the team at Lenstec has illustrated the relevancy of further combining our technologies and know-how with the wealth of expertise and strong heritage of Lenstec.

Lenstec’s Managing Director, Nigel Castle, commented, “We are excited to continue our journey within EssilorLuxottica. This partnership allows us to both strengthen and extend our products and service offering to our valued customers, whilst retaining the same customer intimacy, service and solutions our customers have come to expect.

Lenstec operates from three sites across the UK and enjoyed a turnover of £22 million1 in 2019. The deal is expected to close during 2021.

 

Footnote

1 Revenue recogniseable due to EssilorLuxottica adopting IFRS15