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VENTURA COUNTY BUSINESS | VENTURA COUNTY ROUNDUP

Westlake Eyewear Designer Purchased for $9 Million

July 06, 1999|BARBARA MURPHY

Signature Eyewear in Inglewood has acquired the assets of California Design Studios of Westlake Village, a designer of prescription eyeglass frames and ready-to-wear sunglasses.

Total consideration for the purchase was $9 million, consisting of $1.1 million in cash, a promissory note and other deferred payments amounting to $1.75 million and the assumption of approximately $6.15 million of the acquired company's liabilities.

Signature President Julie Heldman said the acquisition brings to her company several new optical frame lines, including Dakota Smith, Nicole Miller and Nukes.

The company expects to consolidate its operations by the end of the year, Heldman said.

California Design Studios is a privately owned company with 57 employees. The company posted annual revenues for the fiscal year ended April 30 of $8.6 million and total assets of approximately $4.6 million.

Signature Eyewear designs and markets prescription eyeglass frames under brand names such as Laura Ashley Eyewear, Eddie Bauer Eyewear and Hart Schaffner & Marx.

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