18
March 2024
Oakley Capital Investments
Limited
Oakley Capital Investments
Limited1 ("OCI") is pleased to announce that Oakley
Capital Origin I2 ("Origin") has agreed to
acquire Horizons Optical,
a provider of medical software used to make
premium spectacle lenses.
OCI's indirect contribution via
Origin is expected to be c.£9 million.
Note that the above figure only
relates to OCI's share of Oakley's overall investment in Horizons
Optical.
Further details on the transaction
can be found in the below announcement from Oakley
Capital3.
Oakley Capital invests in
Horizons Optical, a provider of medical
software used to make premium spectacle lenses
Oakley Capital ("Oakley"), the
leading pan-European, mid-market private equity investor, is
pleased to announce that Oakley Capital Origin Fund I ("Origin" or
"the Fund") is investing in Horizons Optical ("Horizons"), a
provider of medical software used to make premium spectacle lenses.
Origin is acquiring a majority stake in the business alongside CEO
Santiago Soler, who will retain a significant share in the business
and will continue to lead Horizons. As part of the agreement,
Oakley Capital is acquiring the shares in Horizons owned by Sherpa
Capital, a leading private equity firm in Iberia.
Founded in Barcelona in 2017,
Horizons' proprietary and patented software is used by independent
laboratories around the world to manufacture bespoke, 'progressive'
lenses that can correct a range of eye conditions including short,
mid and far sightedness as well as astigmatism, all in one lens.
Lenses manufactured using Horizons' patented technology are
positioned in the highest value-added segments of the optical
industry, standing out for their distinctive qualities and
outstanding optical performance. 10 million lenses were produced
with Horizons' technology in 2023. Horizons also provides equipment
for opticians with the capability to scan consumers' faces and
measure relevant facial parameters for the manufacturing of lenses
and frames.
Horizons has a strong, historical
track record generating double-digit revenue growth. The
fast-growing business is internationally diversified with Europe
and the US each accounting for approximately a third of revenues,
followed by APAC and South America.
Horizons operates in a lens market
with strong, long-term growth prospects, underpinned by a growing
ageing population and the increased incidence of vision conditions
caused by excessive screen time on mobile phones and desktop
computers. At the same time, Horizons is growing the market by
developing tools to help opticians sell to more customers,
including its recently-launched Mimesys virtual reality headset
which enables optometrists to accurately measure customers' eyes in
order to produce bespoke lenses.
Oakley's investment in Horizons
reflects its strategy of partnering with founder-led,
entrepreneurial businesses to help them innovate and grow. Oakley
will leverage its strong track record of building market leaders to
help Horizon accelerate its international growth plans, taking
market share as a high-quality, innovative solution for lens
manufacturers and opticians looking to offer bespoke eyecare
solutions for consumers, while also leveraging its strong market
reputation for exceptional customer service. Oakley will also
support investment into R&D and Sales & Marketing to ensure
Horizons continues to win as an innovator and disruptor in its core
markets.
This will be Oakley's sixth deal in
Spain, following vLex, Seedtag, Alerce, Grupo Primavera (now part
of Cegid), idealista, and several education assets, reinforcing its
commitment to Iberia as a key investment destination. It will also
be Origin I's 9th investment after which the Fund will be c.75%
invested.
Oakley Capital co-founder and Managing Partner Peter Dubens
said:
"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 said:
"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."
- ends
-
For further information please
contact:
Oakley Capital Limited
+44 20 7766 6900
Steven Tredget
Greenbrook Communications
Limited
+44 20 7952 2000
Rob White / Michael
Russell
Deutsche Numis (Financial Adviser
& Broker)
+44 20 7260 1000
Nathan Brown / Matt Goss
Notes:
LEI Number:
213800KW6MZUK12CQ815
1 About Oakley Capital
Investments Limited ("OCI")
OCI is a Specialist Fund
Segment ("SFS") traded investment vehicle that aims to provide
shareholders with consistent long-term capital growth in excess of
the FTSE All-Share Index by providing liquid access to private
equity returns through investment in the Oakley Funds.
A video introduction to OCI is
available at https://oakleycapitalinvestments.com/videos/.
The contents of the OCI website are
not incorporated into, and do not form part of, this
announcement.
2 Oakley Capital, the
Investment Adviser
Founded in 2002, Oakley Capital
Limited has demonstrated the repeated ability to source attractive
growth assets at attractive prices. To do this it relies on its
sector and regional expertise, its ability to tackle transaction
complexity and its deal generating entrepreneur network.
3 The Oakley
Funds
Oakley Capital Private Equity L.P.
and its successor funds, Oakley Capital Private Equity II, Oakley
Capital Private Equity III, Oakley Capital IV, Oakley Capital V,
Oakley Capital Origin Fund and Oakley Capital Origin II, are
unlisted lower-mid to mid-market private equity funds that aim to
provide investors with significant long-term capital appreciation.
The investment strategy of the Funds is to focus on buy-out
opportunities in industries with the potential for growth,
consolidation and performance improvement. The Oakley family of
funds also includes Oakley PROfounders Fund III and Oakley Touring
Venture Fund, which are venture capital funds focused on
investments in entrepreneur-led, disruptive, technology led
companies.
For more information on the Oakley
Fund strategies in which OCI invests, please
click here.
Important information
Specialist Fund Segment securities
are not admitted to the Official List of the Financial Conduct
Authority. Therefore, the Company has not been required to satisfy
the eligibility criteria for admission to listing on the Official
List and is not required to comply with the Financial Conduct
Authority's Listing Rules.
The Specialist Fund Segment is
intended for institutional, professional, professionally advised
and knowledgeable investors who understand, or who have been
advised of, the potential risk from investing in companies admitted
to the Specialist Fund Segment.
This announcement may include
"forward-looking statements". These forward-looking statements are
statements regarding the Company's objectives, intentions, beliefs
or current expectations with respect to, amongst other things, the
Company's financial position, business strategy, results of
operations, liquidity, prospects and growth. Forward-looking
statements are subject to risks and uncertainties because they
relate to events and depend on circumstances that may or may not
occur in the future. Accordingly the Company's actual future
financial results, operational performance and achievements may
differ materially from those expressed in, or implied by, the
statements. Given these uncertainties, prospective investors are
cautioned not to place any undue reliance on such forward-looking
statements, which speak only as at the date of this announcement.
The Company expressly disclaims any obligation or undertaking to
update or revise any forward-looking statements contained herein to
reflect actual results or any change in the Company's expectations
with regard to them or any change in events, conditions or
circumstances on which any such statements are based unless
required to do so by the Financial Services and Markets Act 2000,
the Listing Rules or Prospectus Regulation Rules of the Financial
Conduct Authority or other applicable laws, regulations or
rules.