UK lens manufacturer Cooke Optics has been acquired by investment trust Caledonia Investments in a deal which values the business at £96.5m.

Caledonia has acquired a majority stake in Cooke, which is based in Leicester. The deal sees Caledonia subscribe £62.5m of equity and £30m of debt to acquire approximately 89% of Cooke from its current owners, Growth Capital Partners and Cooke’s management team.

The management team have reinvested £7.8m of their sales proceeds for the remaining equity.

The current Cooke Optics management team, including chairman Les Zellan, CEO Robert Howard and COO Alan Merrills remain in place.

Cooke says day-to-day activities at the Leicester-based company will continue unchanged, and that the investment will allow faster company growth and the development of new lenses.

Media Asset Capital worked with CIL Management Consultants to provide market due diligence to support the transaction.