Vision Direct Group Ltd, an online contact lens retailer, with sales of around £33 million in 2015, has announced that it has been acquired by Essilor International, the world leader in ophthalmic optics. The management of Vision Direct will remain in place and will leverage Essilor International’s capabilities to continue growing the business, through broadening its optical products offering and further geographic expansion.
Michael Kraftman, CEO of Vision Direct, commented: “This transaction represents a major milestone for our business. Our new ownership provides a platform from which to rapidly extend the base of customers we serve with a wider range of vision products. My management team and I are really excited by the opportunity afforded from becoming part of the Essilor family.”
Vision Direct was a privately held, institutionally backed business. Shareholders who sold their shares in this transaction include Octopus Titan VCT plc, Fidelity UK Smaller Companies Fund and Artemis VCT plc. Sonenshine Partners served as financial advisor to Vision Direct on this transaction while Stephenson Harwood acted as legal counsel.
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