VCDE, Time for Growth sell Brille24 to Essilor

Essilor wholly acquired the company, which generates €25m in revenues. The acquisition is subject to approval by the German competition authority.

Jean-Luc Cyrot, managing partner at Time for Growth, told Unquote that acquisitions in eastern Europe and western Europe aided in Brille24’s international expansion, turning it into a European player. The company also invested heavily in technology, developing the e-merchant’s AI and data processing capability.

The exit came about from a strong relationship with the Essilor management team built over a number of months. Cyrot told Unquote he is pleased with the exit as Brille24 is now part of a global leader in the optical sector and is positive about the returns the firm made.

Essilor has announced it will also be acquiring three other targets. These are Union Optic, a Greece- and Cyprus-based prescription laboratory; Indulentes, an Ecuador-based prescription laboratory; and Argentinian prescription laboratory Metalizado Optico Argentino (MOA).

Previous funding
In July 2011, b-to-v along with Corporate Finance Partners acquired a majority stake by investing an undisclosed amount in the company.

Time For Growth, now known as Time for Growth, invested €7m for a minority stake in the firm in 2012. At the time, Brille24’s founder remained the main shareholder. The GP agreed to commit up to €12m in follow-on rounds to support international expansion. Cyrot told Unquote that Time for Growth did not use this whole sum over the course of the investment.

In 2013, SevenVentures, the venture arm of the ProSiebenSat1 Group, made a strategic investment in the company.

The company made acquisitions including Optik24plus, a German online glasses retailer in 2015 and Lensspirit, a Germany-based online retailer of contact lenses and related care products in 2018.

Company
Headquartered in Oldenburg, Germany, the company was founded in 2007. It sells a variety of optical related products on websites operating across Europe. The company now has 70 employees.

People
Time for Growth – Jean-Luc Cyrot (managing partner).
VCDE – Malte von der Ropp (managing director).

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