Bollé Brands has acquired the Spy Optic brand of action sports eyewear. The financial terms of the takeover were not disclosed, but it is apparently an asset deal. The international infrastructure of Bollé Brands is expected to help Spy to grow outside its core North American market, capitalizing on its irreverent spirit.
Founded in Southern California in 1994, Spy was quoted on the stock exchanged until 2015, but it has been struggling for many years. The latest public figures show that it had a loss of $1 million on sales of $38.1 million in 2014.
Spy is regarded as a complementary brand that doesn't compete with any of the brands in Bollé Brands' portfolio. Run by Peter Smith, the former chief executive of Musto, Bollé Brands is the new company founded after the acquisition of Bollé, Serengeti, Cébé and H2Optics by a private equity firm, A&M Capital Europe, after their divestiture by Vista Outdoor in August 2018.
With a turnover that reached $151 million in 2017, Bollé Brands markets consumer eyewear as well as safety, cycling and ski helmets under these brand names.