FGX International acquires Dioptics Medical Products
FGX International has finally acquired Dioptics Medical Products, Inc., a privately held California-based company. FGX Internation engages in the design and marketing of non-prescription reading glasses, sunglasses, and costume jewelry in North America and the UK.
In addition, FGX named Steve Crellin to serve as president of Dioptics. Mr. Crellin had previously served as executive vice president of sales at FGX.
The deal valued the company at $35 million in cash and involved an exchange of more than 952,000 shares of FGXI. The company reported that it has funded the cash portion of the transaction through borrowings from its existing revolving credit facility.
Dioptics is engaged in the wholesale and retail sales of sunglasses and optical accessories primarily marketed under the SolarShield and PolarEyes brand names. The company is a leading provider in the medical, mass market, sporting goods and professional eye care marketplaces.
It should be noted that SolarShield sunglasses are the leading brand provided by doctors to their patients following eye surgery. The firm holds over 400 United States and international patents.
For the fiscal year ended September 30, 2008, Dioptics had net revenues of approximately $33 million.
Market experts believe that FGX plans to save money by combining supply purchasing and distribution functions for the two companies.
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