Ergon sells Indo to Rodenstock, a portfolio company of Apax Partners

Ergon Capital Partners III SA (“Ergon”) announced that it has entered into an agreement with Rodenstock Group (“Rodenstock”) for the sale of its entire majority stake in Indo (or the “Company”). The Company’s minority investors Sherpa Capital and Oquendo Capital will also sell their stake alongside Ergon while Indo’s management team will reinvest in the Rodenstock Group. The transaction is subject to anti-trust clearance by the competent authorities.

Founded in 1937, Indo is the leading Spanish independent manufacturer of ophthalmic lenses and one of the largest distributors of optical and ophthalmologic equipment. The Company is present with 440 employees in Spain, Morocco, Portugal and France and operates two state-of-the-art manufacturing plants in Barcelona and Tangier.
In August 2018, Ergon acquired a majority stake alongside Sherpa Capital, Oquendo Capital and Indo’s management team, aiming to further grow and develop the Company within the compelling eye care sector. Since then, Indo has posted above-market growth in its core markets, enlarging its client base and gaining meaningful market share. In addition, the Company has deployed substantial resources to upgrade its production plants with state-of-the-art technology and launched innovative products and solutions to the market.

Enric Florensa, CEO of the Company, commented on the transaction: “We are excited to start this new phase within the Rodenstock Group. This combination is grounded on a perfect strategic fit in terms of geographical markets, product range and industrial efficiency. We are profoundly grateful for Ergon’s continued support during its holding period, in which the Company achieved all its commercial, industrial and R&D targets. Over the last years, client satisfaction has increased constantly and significantly and, accordingly, the Company has expanded its market share remarkably in all its core markets.”

Pablo Álvarez Couso, Managing Director at Ergon Capital Advisors Spain, highlighted that: “it has been a privilege to support Enric Florensa and the Company’s outstanding management team during our tenure. Indo was able to significantly outgrow the market in the last years as a result of their relentless vision around innovation and best-in-class service. We are convinced Rodenstock represents a great home for the Company’s future.” Emanuele Lembo, Senior Partner at Ergon, added: “We are glad to see how Indo has met all its ambitious goals over the last years, in which a perfect partnership was established. The Company has developed a robust positioning that will drive future success within Rodenstock.”

Houlihan Lokey acted as financial advisor to Indo’s shareholders.