Barclays buys into German spectacles

European mid-market buyout firm Barclays Private Equity has acquired a 70% stake in Essenbach Group, a Nuremberg-based supplier of spectacle frames and sunglasses.

No price was disclosed, but the Essenbach Group, founded in 1913, had 2006 revenues of about €100m. The business supplies spectacle frames, sunglasses, vision aids, leisure optics and technical optics.

Existing owners Hannover Finanz and the Essenbach family will roll over their investment for a 10% stake, while management will hold the remaining 20%.

Barclays Private Equity has a presence in Germany through its Munich office with a team of nine investment professionals. Previous transactions have included Minimax, Jack Wolfskin, Schneider and Etimex.