UK online glasses retailer, MyOptique Group, has entered into an acquisition agreement with Essilor International, an ophthalmic optics company.
Based in London, MyOptique Group is an online optical retail platform, which serves all eyewear categories from prescription glasses and contact lenses to sunglasses.
Founded in 2005, the firm, which reports annual revenues of £56m, owns the likes of Glasses Direct, Sunglasses Shop, LensBest and Eyewearbrands.
The acquisition is part of Essilor International’s plans to continue growth in Europe. As part of Essilor, MyOptique will leverage the firm’s global supply chain, collaborating with its other operating businesses to improve Essilor’s European reach.
“This transaction represents a major milestone for the MyOptique Group,” commented Kevin Cornils, CEO of MyOptique.
“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. My management team and I are delighted by the opportunity afforded from becoming part of the Essilor family.”
MyOptique’s shareholders are expected to sell their shares as part of the transaction.
Maria Wagner, investment director at Beringea, commented: “Beringea was proud to be a part of the Series C funding round in 2014, also the year that MyOptique celebrated its 10th birthday, and a follow-on round in 2015. MyOptique is a leader in European eCommerce transforming the glasses, sunglasses and contact lenses markets, and providing exemplary customer service. All six of its solid brands have played a major part in the group’s success. We wish Kevin and the team the best of luck as they continue to grow.”