France’s Essilor is to acquire the UK’s MyOptique Group, an online platform for sales of prescription glasses, contact lenses and sunglasses.
Essilor produces ophthalmic lenses while MyOptique Group operates a number of different online brands such as Glasses Direct and SunglassesShop in markets like the UK, Germany and the Nordics. It reported annual revenues of £57 million and has been previously backed by Acton Capital Partners, Beringea, Cipio Partners, Index Ventures, Korys and Highland Europe.
No figure has been officially disclosed but we hear rumours about a price tag being €100 million. The deal is hoped to improve Essilor’s European online footprint.
“This transaction represents a major milestone for the MyOptique Group. Our new ownership provides a tremendous platform from which to continue to build a very successful business on our proven multi-category, multi-brand model,” said Kevin Cornils, CEO of MyOptique. “My management team and I are delighted by the opportunity afforded from becoming part of the Essilor family.”
“We recognised that back in 2007 when we first invested in MyOptique and we are delighted to see the business that has grown so strongly under Kevin Cornils’ visionary leadership reach another milestone today,” added Fergal Mullen, partner at Highland Europe, one of the company's investors.
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