Barcelona-based Horizons Optical, a provider of medical software used in the manufacturing of premium spectacle lenses, announced that it has secured fresh funding from London’s Oakley Capital, a pan-European mid-market private equity investor.
Oakley Capital’s Origin Fund I will secure a majority stake in Horizons Optical, with CEO Santiago Soler maintaining a substantial share and continuing to lead the company.
Additionally, Oakley will acquire the shares previously held by Sherpa Capital, a private equity firm in the Iberian region, as part of the agreement.
“Creating value for the optical industry”
Founded in 2017, Horizons Optical develops proprietary and patented software.
This technology is used by independent laboratories globally to produce customised ‘progressive’ lenses capable of correcting various eye conditions, such as short, mid, and far-sightedness, along with astigmatism, all within a single lens.
The company claims that the lenses crafted using its technology are positioned within the optical industry’s highest value-added segments, known for their qualities and optical performance.
In 2023 alone, 10 million lenses were manufactured using Horizons Optical’s technology.
Moreover, Horizons Optical also offers opticians equipment capable of scanning consumers’ faces and measuring pertinent facial parameters, facilitating the production of customised lenses and frames.
The company boasts international diversification, with Europe and the US contributing about a third of revenues each, followed by APAC and South America.
Additionally, Horizons Optical is expanding the market by developing tools to assist opticians in serving more customers. Their latest innovation, the Mimesys virtual reality headset, allows optometrists to precisely measure customers’ eyes for tailored lens production.
Sherpa Capital’s impact on Horizons Optical
Sherpa Capital, a private equity firm in Iberia, focuses on medium-sized companies tackling strategic challenges, aiming for value creation through business improvement processes. The firm has over 10 years of experience and manages assets exceeding €350M.
Sherpa Capital invested in Horizons in 2017 via Fund II. The company aimed to meet market demand by enhancing value creation by empowering independent laboratories and providing solutions like virtual reality applications in the optical industry.
Under Sherpa Capital’s investment, Horizons claims to have witnessed significant growth, propelled by a management team. Their efforts facilitated the company’s expansion into markets like the US, Asia, and Latin America.
Horizons Optical reports it has experienced exponential revenue growth in recent years, primarily due to prudent financial management and a dedication to quality.
Speaking about the latest deal, Alfredo Bru, co-founder of Sherpa Capital says, “This transaction reflects the result of working closely with the company, deeply understanding the business, and identifying new opportunities within the sector to maximise 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.”
How will Oakley support Horizons Optical?
Oakley’s investment in Horizons is its sixth deal in Spain, underscoring its commitment to Iberia as a key investment destination. Additionally, it marks the ninth investment for Origin I, bringing the Fund to 75 per cent invested.
With this investment, Oakley aims to propel Horizons’ international growth, positioning it as a premier choice for lens manufacturers and opticians seeking bespoke eyecare solutions. Oakley will also support Horizons with investments in R&D and Sales & Marketing.
Peter Dubens, Oakley’s co-founder and Managing Partner, says, “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, adds, “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.”
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