REG - Oakley Capital Inv. - Oakley Capital invests in Horizons Optical

Oakley Capital InvestmentsAnnouncement

18/03/2024 07:00

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RNS Number : 1465H  Oakley Capital Investments Limited  18 March 2024

18 March 2024

 

 

Oakley Capital Investments Limited

 

Oakley Capital Investments Limited(1) ("OCI") is pleased to announce that
Oakley Capital Origin I(2) ("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 Capital(3.)

 

 

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/.
(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.
(https://www.oakleycapitalinvestments.com/what-we-invest-in/investment-strategies/)

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.

 

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