Today Oakley Capital announced that the Oakley Capital Origin Fund I is acquiring a majority stake in eyeglass maker Horizons Optical.
Founded in Barcelona in 2017, Horizons’ proprietary and patented software is used by independent laboratories around the world to manufacture bespoke, ‘progressive’ lenses that can correct a range of eye conditions, including short, mid and far-sightedness as well as astigmatism, all in one lens.
The company produced 10 million lenses in 2023 and also provides virtual reality equipment for opticians. This equipment can scan consumers' faces and measure relevant facial parameters to manufacture lenses and frames.
Specifically Origin is acquiring a majority stake in the business alongside CEO Santiago Soler, who will retain a significant share in the business and will continue to lead Horizons. As part of the agreement, Oakley is acquiring the shares in Horizons currently owned by Sherpa Capital, a private equity firm in Iberia.
Horizons has a strong track record of double-digit growth, fuelled by a dedication to quality and innovative optical solutions. Long-term prospects are boosted by an aging population in key markets and ever-increasing screen time globally.
This will be Oakley’s sixth deal in Spain, following vLex, Seedtag, Alerce, Grupo Primavera (now Cegid), idealista, and several education assets. It reinforces its commitment to Iberia as a key investment destination. It will also be Origin I’s ninth investment, after which the Fund will be 75 per cent invested.
Oakley Capital co-founder and Managing Partner Peter Dubens said:
“Horizons Optical has all the hallmarks of a typical Oakley deal: a disruptive market leader, with strong software IP and led by an exceptional management team.
We look forward to working with Santiago to help the business realise its full potential, taking advantage of strong market growth drivers as well as leveraging our expertise helping to scale software businesses, including Grupo Primavera in Iberia.”
Horizons Optical CEO Santiago Soler said:
“Our focus on quality, innovation and exceptional customer care have driven Horizons’ strong performance to date. Oakley clearly shares our values and so we are delighted to be partnering with the Firm as we embark on the next stage of our expansion.
We have travelled this path of growth alongside a strong partner in Sherpa Capital, to whom we are grateful not only for their investment in Horizons and belief in our potential but also for providing the company with a spirit of continuous improvement and excellence.
We see enormous potential to grow our international business further, benefitting from Oakley’s expertise to expand our service offering and drive professional improvements across our business.”
The financials of the acquisition have not been disclosed.
Lead image: Bud Helisson.
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