Beringea sells MyOptique investment to Essilor
August 16th 2016
Sale will leverage Essilor International’s capabilities to continue growing its leading position in Europe
(London, UK) The MyOptique Group, a major European online optical retailer with annual revenues of GBP 57 million, announces today that it has entered into a definitive agreement to be acquired by Essilor International, the world leader in ophthalmic optics.
Subsequent to the transaction the management of MyOptique will remain in place, and will leverage Essilor International’s capabilities to continue growing its leading position in Europe. As part of Essilor, MyOptique will leverage Essilor’s global supply chain and collaborate with its other operating businesses to improve the reach and effectiveness of its business across Europe.
Kevin Cornils, CEO of MyOptique, commented:
“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. My management team and I are delighted by the opportunity afforded from becoming part of the Essilor family.”
Maurice Helfgott, Chairman of MyOptique, commented:
“The strong success of MyOptique in the European marketplace owes so much to its entrepreneurial founders, its smart and supportive investors and its visionary and talented management team led by 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.”
MyOptique is a privately held, Venture Capital backed business. Shareholders who supported the successful development of the company and will sell their shares in this transaction include Acton Capital Partners, Beringea, Cipio Partners, Index Ventures, Korys and Highland Capital Europe.
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.”
The transaction is subject to customary closing conditions.