Leading pan-European mid-market private equity investor Oakley Capital announced that Oakley Capital Origin Fund I is investing in Horizons Optical. Horizons Optical provides medical software for making premium spectacle lenses.
Origin is buying a majority stake in the business along with CEO Santiago Soler, who will retain a significant share in the operation and continue leading Horizons. As part of the deal, Oakley is acquiring the shares in Horizons that is owned by Sherpa Capital.
Launched in Barcelona in 2017, Horizons’ proprietary and patented software is used by independent laboratories worldwide to manufacture bespoke progressive lenses that can correct a range of eye conditions such as short, mid, and far-sightedness and astigmatism all in one lens.
Lenses manufactured through Horizons’ patented technology are positioned in the optical industry’s higher-value-added segments. Last year, about 10 million lenses were produced with Horizons’ technology.
Horizons also sells equipment for opticians that can scan consumers’ faces and measure relevant facial parameters to manufacture lenses and frames.
Horizons has a strong track record of generating double-digit revenue growth. And the rapidly growing business is internationally diversified with Europe and the US each accounting for approximately one-third of revenues, followed by APAC and South America.
Horizons operates within a lens market with solid and long-term growth prospects during a time of a rapidly growing aging population and the increased incidence of vision conditions caused by excessive screen time on mobile devices and desktop computers. Simultaneously, Horizons is growing the market by developing tools for helping opticians sell to more customers, including the recently launched Mimesys virtual reality headset – enabling optometrists to measure customers’ eyes to produce bespoke lenses.
Here is a video about how Mimesys works:
Oakley will utilize its strong track record of building market leaders to help Horizon accelerate international growth plans, taking market share as an innovative solution for lens manufacturers and opticians looking to offer bespoke eyecare solutions for consumers. And Oakley will also support investment into R&D and sales and marketing.
This is Oakley’s sixth deal in Spain, following vLex, Seedtag, Alerce, Grupo Primavera (now part of Cegid), idealista, and several education assets. This reinforces Oakley’s commitment to Iberia as a major investment destination. And it will also be Origin I’s 9th investment after which the fund will be c.75% invested. During Sherpa Capital’s investment period, Horizons Optical saw significant growth, with the management team playing a pivotal role in this journey and facilitating the firm’s international expansion into markets like the United States, Asia, and Latin America.
KEY QUOTES:
“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.”
– Peter Dubens, Founder and Managing Partner — Oakley Capital
“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 further grow our international business, benefitting from Oakley’s expertise to expand our service offering and drive professional improvements across our business.”
– Santiago Soler, CEO of Horizons Optical
“This transaction reflects the result of working closely with the company, deeply understanding the business, and identifying new opportunities within the sector to maximize the firm’s value. It’s impressive to see how Horizons Optical has grown in such a short time in the market. We are very pleased and proud of all that the team led by Santiago Soler has achieved. We are sure that the future will be full of success and great opportunities for the firm. There is still a long way to go for it to become one of the most relevant players in the global optical R&D industry.”
– Alfredo Bru, Co-Founder and CEO — Sherpa Capital
