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Oakley signs agreement to acquire Eye Safety Systems
23 Nov '06
2 min read
Oakley Inc announced it has signed a definitive agreement to acquire essentially all the assets of Eye Safety Systems Inc (ESS), one of the world's largest suppliers of military, law enforcement and firefighting protective eyewear, for $110 million cash.
"This acquisition represents another major step for Oakley in our strategy to accelerate growth in our core optics business," said Scott Olivet, Chief Executive Officer, Oakley Inc.
ESS's brand and company reputation, strong goggle business, and breadth of distribution across military, fire fighting and law enforcement channels complement our existing military eyewear platform.
"Oakley is at its best when we work to solve the most difficult problems of the world's most demanding users -- the exact same thing can be said of ESS," continued Olivet.
"By joining forces, we are combining two individually strong brands with remarkably similar core values, enhancing both of our abilities to provide the best product and highest quality service possible."
"This represents an exceptional and timely opportunity for both ESS and Oakley. We believe that Oakley's design excellence, financial resources and international infrastructure will allow ESS to significantly expand its presence in the global protective eyewear markets," said John Dondero, Founder and President, Eye Safety Systems Inc.
"Our management team is enthusiastic about this transaction and believes this combination is an excellent step forward for our customers, employees, and most importantly the military, fire fighting and law enforcement professionals who rely daily on our eye protection equipment in their challenging work environments."
"This acquisition represents another major step for Oakley in our strategy to accelerate growth in our core optics business," said Scott Olivet, Chief Executive Officer, Oakley Inc.
ESS's brand and company reputation, strong goggle business, and breadth of distribution across military, fire fighting and law enforcement channels complement our existing military eyewear platform.
"Oakley is at its best when we work to solve the most difficult problems of the world's most demanding users -- the exact same thing can be said of ESS," continued Olivet.
"By joining forces, we are combining two individually strong brands with remarkably similar core values, enhancing both of our abilities to provide the best product and highest quality service possible."
"This represents an exceptional and timely opportunity for both ESS and Oakley. We believe that Oakley's design excellence, financial resources and international infrastructure will allow ESS to significantly expand its presence in the global protective eyewear markets," said John Dondero, Founder and President, Eye Safety Systems Inc.
"Our management team is enthusiastic about this transaction and believes this combination is an excellent step forward for our customers, employees, and most importantly the military, fire fighting and law enforcement professionals who rely daily on our eye protection equipment in their challenging work environments."
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