Pierce Mattie Public Relations New York & Los Angeles

Oakley has acquired privately held luxury eyewear maker Oliver Peoples Inc. of Los Angeles for approximately $55.7 million, a price that included $5 million in debt and up to $4 million in incentives. The company, which includes the Oliver Peoples, Mosley Tribes and licensed Paul Smith eyewear brands, will remain based in L.A. and operate as wholly owned subsidiary, according to co-founder Larry Leight, who will remain in his role as chief design officer and CEO. In a statement, Oakley CEO Scott Olivet called the acquisition “a tremendous start in the creation of a targeted portfolio of brands,” and said its position in the fashion eyewear market “complements Oakley’s leadership in sport performance and active eyewear.” Oakley’s stock reacted negatively the day following the news, closing at $15.04 per share, down $1.20 or 7.39 percent from the previous day’s close of $16.24.