Sàfilo Group to Acquire Polaroid Eyewear
Sàfilo Group has signed an agreement with StyleMark for the acquisition of the Polaroid Eyewear business, a global eyewear manufacturer and distributor with a strong and recognizable market positioning. The completion of this USD 87.5 million (maximum €65 million) transaction, subject to certain conditions, is expected to occur during the first quarter of 2012.
Sàfilo Group and Multibrands Italy B.V, controlled by HAL Holding N.V., have signed an agreement and an investment whereby Multibrands Italy B.V. will provide a loan to Sàfilo Group, in the days immediately preceding the completion of the acquisition, for an amount of approximately €44 million. The residual portion of the purchase price for the acquisition transaction, approximately equal to a maximum of €21 million, will be financed by Sàfilo, through already available cash and/or credit facilities.
The acquisition of the Polaroid Eyewear business is consistent with Sàfilo Group’s strategy of building a strong portfolio of Sàfilo own brands, in order to complement its well performing licensed brand portfolio.
The inclusion of the Polaroid Eyewear business in the portfolio owned by Sàfilo will contribute to realizing the full potential of Sàfilo across markets, categories and channels by completing the offering in a market segment with a high growth potential, especially in markets outside Europe, where Polaroid is currently underrepresented and where the distribution network of the group will allow a prompt expansion.
“We are extremely happy to announce that a historical yet contemporary brand like Polaroid is becoming part of the new Sàfilo, bringing along its reputation of leader in the manufacturing of high quality polarizing lenses and the distribution of world class polarized sunglasses around the world,” commented Sàfilo Group CEO Roberto Vedovotto.
