Wednesday, November 29, 2006

Ketchum company ESS sells for $110 million

Oakley acquires supplier of protective eyewear


By DANA DUGAN
Express Staff Writer

JOHN DONDERO

Sunglasses maker Oakley Inc. is moving into the military optics business with its acquisition of the Ketchum-based company Eye Safety Systems Inc. ESS is one of the world's largest suppliers of military, law enforcement and firefighting protective eyewear.

The $110 million acquisition is subject to certain indemnities, post-close adjustments and customary closing conditions. The companies expect the acquisition to be closed during the first half of 2007.

ESS was founded in 1998 by Wood River Valley resident John Dondero. He had previously worked for many years in the goggle industry as a product manager with Ketchum-based Scott USA. His first foray into the market was with fire-resistant goggles made specifically for wilderness firefighters.

In 2001, ESS took advantage of a change in federal regulations that allowed the four major branches of the military to purchase equipment on the open market rather than through specific military contracts.

ESS will continue to operate in Ketchum, and Dondero will continue to lead the development and expansion of the business as its president. His son, Steve Dondero, is the marketing manager of the company. The entire 20-person staff will remain at their jobs.

"It's business as usual," ESS Chief Financial Officer Greg Hedin said. "It's a great relationship. They've visited us here, and we've been there. They like the way we run business and would like us to continue being as successful as we are."

John Dondero believes the opportunity was both "exceptional and timely" for both parties.

"We believe that Oakley's optics expertise, financial resources and international infrastructure will allow ESS to significantly expand its presence in the global protective eyewear markets. 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, law enforcement, and firefighting professionals who rely daily on our eye protection equipment in their challenging work environments."

Oakley is a worldwide leader in performance optics including premium sunglasses, goggles and prescription eyewear. Headquartered in Southern California, the company's optics brand portfolio includes Dragon, Fox Racing, Mosley Tribes, Oliver Peoples and Paul Smith Spectacles.




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