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Jenoptik Complete Trioptics Acquisition

With the closing on September 24, 2020 JENOPTIK AG has successfully completed the acquisition of the first tranche of 75 percent of the German optics specialist TRIOPTICS. All conditions precedent relating to the transaction have been fulfilled and all necessary official approvals for the takeover have been obtained. Jenoptik will take over the remaining 25 percent of shares from the owners after fulfilling defined success criteria on December 31, 2021. It is planned to establish TRIOPTICS’s business within the Light & Optics Division of Jenoptik as a fourth, new strategic business unit.

The enterprise value equates to a combined 2021e EV/EBITDA multiple of 10.4. Both parties to the contract have agreed not to disclose details of the purchase price.

Stefan Traeger, Jenoptik President & CEO stated “Due to its high profitability and strong free cash flow generation, TRIOPTICS will contribute significantly to Jenoptik’s earnings already in the current fiscal year with the initial consolidation starting on the day of closing. Substantial synergies are expected not only from the expanded technological know-how, but also from the expansion of leading market positions and the intensified cooperation with important global Tier 1 companies. The complementary portfolios will allow to offer a broader range of measuring systems, as well as production facilities for sensor solutions and optical microcomponents, which over the long term might be reflected in economies of scale and thus revenue synergies worth more than 50 million euros”.

Expanding Leading Technological Position In Growth Markets

The acquisition of TRIOPTICS strengthens the Jenoptik Group’s clear focus on high-growth industries of the future and opens up an even greater range of applications, which will help the company to drive profitable growth and strengthen its positioning as a focused photonics player. TRIOPTICS is a leading supplier of equipment used to test optical components and sensors, and has good market access to many smartphone and camera manufacturers and their suppliers, among others. With these, the company is generating a major part of its revenue. Its integration will enable Jenoptik to better scale its existing test equipment business in the Light & Optics division. The acquisition also bolsters Jenoptik’s development into a market leader for innovative test solutions for optical sensors in attractive growth markets, where annual growth rates of between 6 and 15 percent are expected over the next years.

The two companies’ combined expertise in optics and industrial imaging will enable them to further expand their technological leadership and gain market share, for example in the growing markets for new virtual and augmented reality applications in both the industrial and consumer segments. In the automotive industry, the expanded portfolio for manufacturing precision optical components and systems offers considerable potential, particularly in view of the growing importance of driver assistance systems and new mobility concepts in the field of autonomous driving, for which improved image and data acquisition is essential.

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