Carl Zeiss Meditec To acquire US intraocular lenses manufacturer Aaren Scientific for $70M in cash
- Carl Zeiss Meditec AG today announces the acquisition of the U.S.-based manufacturer of intraocular lenses (IOLs) Aaren Scientific Inc. (Aaren) headquartered in Ontario, California. The share purchase agreement to acquire 100% of shares in Aaren should be signed today. The transaction is expected to close immediately. Aaren will be incorporated into the strategic business unit Surgical Ophthalmology of Carl Zeiss Meditec AG, complementing existing IOL sites in Berlin, Germany and La Rochelle, France.
- Aaren has more than two decades worth of experience in manufacturing IOLs and owns rights in CE and FDA approved material for the manufacturing of IOLs. Furthermore, the company has a broad range of highly competitive products. In 2012, Aaren achieved total revenues of approximately USD 20 m, mainly generated outside of the U.S. Aaren currently has 235 employees. The majority of shares in the company had previously been owned by private investment firm James E Sowell Company Inc. of Dallas, Texas, as well as other investors, including the CEO and co-founder of Aaren Scientific, Rick Aguilera, who will stay on board with his management team.
- The purchase price for 100% of the shares of Aaren Scientific amounts to USD 70 m in cash on a cash free/debt free basis.