Key Takeaways
- Safilo Group closed its acquisition of SPY+ and Serengeti from Bollé Brands on July 1, a deal covering European assets and full US and Canadian entities for both brands.
- SPY+ and Serengeti generated approximately $39 million in combined 2025 sales, with Safilo paying $24.6 million financed through its own resources.
- The deal adds two sport and outdoor eyewear names to a Safilo portfolio that already includes Smith, Carrera, Polaroid and Blenders, brands built around similar boardsports and outdoor positioning.
Italy-based Safilo Group, the parent company of Smith and other eyewear brands, has closed its acquisition of SPY+ and Serengeti from Bollé Brands. The deal, first disclosed as an exclusivity agreement on April 21, was formalized through a Share and Asset Purchase Agreement signed May 11 and closed after all customary conditions were met.
The transaction covers selected SPY+ and Serengeti assets in Europe along with 100% of the shares of two dedicated legal entities operating in the United States and Canada.
SPY’s Second Sale in Six Years
For SPY, the deal marks the brand’s second change of ownership in under a decade. Bollé Brands, backed by private equity firm A&M Capital Europe, acquired SPY Optic in 2019 after the company had spent roughly 18 months in limbo following the death of former CEO and largest shareholder Seth Hamot. That deal folded SPY into a group that already held Bollé, Bollé Safety, Cébé and Serengeti, brands A&M had purchased from Vista Outdoor in 2018.
Safilo said the acquisition strengthens its positioning in the sport and outdoor eyewear segment alongside its existing owned brands. Angelo Trocchia, Chief Executive Officer of Safilo Group, called SPY+ and Serengeti highly complementary to the company’s existing portfolio in a statement.
“SPY+ is an authentic and well-established U.S. brand which strengthens our presence in the sport and outdoor channel alongside Smith and Blenders, supporting a more effective multi brand positioning across different price points,” Trocchia said in a statement. He added that Serengeti’s mineral lens technology gives Safilo a stronger foothold in the premium and high-end segment of the eyewear market.
Safilo CEO Sees Synergies Across Supply Chain and DTC
Safilo expects to unlock both top line and cost synergies by leveraging its supply chain, global distribution network and direct to consumer capabilities, he said.
Safilo reported net revenues of €983.4 million (U.S.$1.12 billion) for 2025. In its Q1 2026 trading update issued May 7, the company posted net sales of €272.9 million (U.S.$311.1 million), up 0.4% at constant exchange rates, with adjusted EBITDA margin improving 160 basis points to 13.6%.
Q1 North America net sales reached €109.7 million (U.S.$125.1 million), up 2.3% at constant exchange rates, with Smith remaining solid in the sport channel and Blenders improving on stronger wholesale performance and a gradual direct to consumer recovery, a trend that could bode well for how Safilo integrates SPY+ into that same North American sport lineup.
