FGX International has acquired Dioptics Medical Products, Inc., a privately held company located in San Luis Obispo, CA. Dioptics is engaged in the wholesale and retail sales of sunglasses and optical accessories primarily marketed under the SolarShield and PolarEyes brand names. SolarShield sunglasses are the leading brand provided by doctors to their patients following eye surgery.
Alec Taylor, CEO of FGX International commented, “The acquisition of Dioptics is a natural fit for FGX International. The addition of this product line complements our existing product portfolio, accelerates our strategic growth initiatives and strengthens our competitive position. Our customers will realize significant benefits from a single source supplier for all their eyewear needs. In addition, our marketing efforts will be enhanced with the addition of the SolarShield and PolarEyes brands to our successful Foster Grant and Magnivision brands.” Added Taylor, “Dioptics also opens up a new trade channel for us as we will be entering the medical market, which we believe will generate cross selling opportunities. Moreover, we expect to realize significant synergies in sourcing and supply chain management in the acquired brands as we leverage the buying power of FGX for the Dioptics product lines.”
Steve Crellin has been named President of Dioptics. He has over 20 years of experience in the eyewear category and has served as EVP of Sales for FGX for the past 4 years.
FGX International acquired Dioptics in exchange for 952,380 FGXI ordinary shares and $35.0 million in cash (or $32.7 million, net of Dioptics existing cash balance), subject to certain post closing adjustments. FGX funded the cash portion of the transaction with borrowings from its existing revolving credit facility. For the fiscal year ended Sept. 30, 2008, Dioptics had net revenues of approximately $33 million.
