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GP Bullhound advises Prescription Eyewear Ltd on its capital raise and acquisition of LensOn AB

13 December 2012

GP Bullhound advises Prescription Eyewear Ltd on its capital raise and acquisition of LensOn AB

GP Bullhound, the technology investment bank, has acted as the exclusive financial advisor to Prescription Eyewear Ltd (PEL), which trades under the brands myOptique, Sunglasses Shop and Glasses Direct, on its capital raise and acquisition of LensOn AB, the leading independent online retailer of contact lenses and accessories in Northern Europe.

Glasses Direct is the UK's leading online glasses retailer having established the market by focusing on innovations that transform the way that people buy glasses, striving to offer its online customers a better experience than the high street. In 2011, the group acquired SunglassesShop which is Europe's largest premium online sunglasses retailer and has recently extended its sites to the US and Australia. In 2012, the group launched the luxury online eyewear brand, offering a carefully curated mix of premium eyewear for both men and women.

The transaction re-affirms PEL as the European leader in the growing online optical segment with a full offering covering all three major segments in the eyewear market (prescription glasses, sunglasses and contact lenses). The combined group will have generated nearly 30m of Gross Retail Sales in 2012 and is profitable. The acquisition was financed by: Acton Capital Partners (Etsy, Zooplus, MyTheresa, Linas Matkasse), Highland Capital Partners (VistaPrint, Qihoo, Lulu Lemon, Starent, Quigo) and Index Ventures (Skype, mySQL, Net-A-Porter, ASOS, Etsy, LoveFilm, Additional funding was received from GP Bullhound Sidecar, Silicon Valley Bank and Kreos Capital.

Kevin Cornils, CEO at Prescription Eyewear Ltd commented: 'We're extremely excited to be adding the LensOn team and business into our portfolio of brands including Glasses Direct, Sunglasses Shop and MyOptique. The deal also solidifies PEL's position as the clear market leader in the fast-growing European online eyewear. GP Bullhound played a critical role in the fundraising and making the acquisition happen. Their sector expertise, Pan European network and team were essential to facilitate a complicated transaction'.

Manish Madhvani, Managing Partner at GP Bullhound stated 'We are proud to be associated with the Glasses Direct team and investors who are building the category leader in an exciting sector. This represents the completion of GP Bullhound's 2nd transaction with Glasses Direct, the firms 16th transaction in 2012 and further reinforces our commitment to growth stage companies in the Internet sector'.

About GP Bullhound

GP Bullhound, an international technology investment banking group with offices in London, San Francisco, Stockholm and Berlin, has served companies and their founders and investors since 1999.We provide world-class advice on mergers & acquisitions and private/public placement as well as research and asset management to a diverse range of corporate clients, institutional investors and high net worth individuals. We are industry experts, specialising in digital media, eCommerce, gaming, social, online marketing, application and infrastructure software, consumer devices, integrated technology, telecommunication, solar, water and energy efficiency. With a true love for entrepreneurship and innovation coupled with deep global buyer relations within Digital and Greentech, we have completed marquee transactions for many digital leaders such as, Apertio, AudioAsics,, CLX Networks, Cramer Systems, Funcom,,,, Player X, Nanoradio,Neonode, Newbay, The Cloud, and Tradedoubler as well as Greentech innovators including Concentrix, Heliatek, Bluewater Bio, Xjet Solar and many more.We have an international team of 32 experienced corporate financiers focused on the technology sector, and as a firm we have closed over 120 successful transactions since 1999.

For enquires contact: Cecillia Roman +46 8 545 074 14,

Publisher Contact Information:

GP Bullhound Limited
+46 8 545 074 14

Company profile of GP Bullhound Limited
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