Essilor International SA (EPA: EI) (Euronext Paris), the world’s leading ophthalmic optics company, agreed to acquire London-based MyOptique Group Ltd., a leading European online prescription glasses, contact lenses and sunglasses business. The purchase price is said to be nearly €140 million.
MyOptique, founded in 2005, previously raised over $102 million in venture capital from Acton Capital Partners, Beringea, Cipio Partners, Index Ventures, Korys and Highland Capital Europe, who are selling their shares in this transaction.
MyOptique Group reported £57 million in revenue in the year ended April 30, 2016, serving a million customers. The company’s value proposition is built around a multi-category, multi-brand model, which is being deployed through local websites, such as Glasses Direct (prescription glasses) and SunglassesShop (non-prescription sunglasses) in the UK, Lensbest (contact lenses) in Germany and LensOn (contact lenses) mainly in the Nordic countries.
“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 MyOptique CEO Kevin Cornils.
“The business has achieved pan European scale, is growing fast and had a number of strategic options for its next stage. Joining Essilor, the world leader in ophthalmic optics, was by far the most compelling one,” added Maurice Helfgott, chairman of MyOptique.
The deal will enable Essilor to broaden its online footprint to Central Europe and to enhance its capabilities in successful multi-category, multi-brand models.
The transaction is subject to customary closing conditions. MyOptique Group’s key management team will remain in place after the closing.
In February, Essilor acquired Vision Direct Group Ltd, Europe’s leading online contact lens retailers.
Essilor designs, manufactures and markets a wide range of lenses to improve and protect eyesight. Its mission is to improve lives by improving sight. To support this mission, Essilor allocates more than €200 million to research and innovation every year, in a commitment to continuously bring new, more effective products to market. Its flagship brands are Varilux, Crizal, Transitions, Eyezen, Xperio, Foster Grant, Bolon and Costa. It also develops and markets equipment, instruments and services for eyecare professionals.
Essilor reported consolidated revenue of more than €6.7 billion in 2015 and employs 61,000 people worldwide. It markets its products in more than 100 countries and has 32 plants, 490 prescription laboratories and edging facilities, as well as five research and development centers around the world.