Octopus finances two bolt-ons for GetLenses

Ellie Pullen
13 February 2014

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Octopus Investments has provided fresh funding for the acquisition of Dutch firms Lensbase and Vision Direct by its portfolio company GetLenses, a UK contact lenses retailer.

Fidelity Worldwide Investments, Hargreave Hale and Artemis Investment Management provided capital alongside Octopus for the bolt-ons.

The combined entity is forecast to generate around €30m in turnover this year.

The acquisitions were designed to increase GetLenses' customer base and strengthen its position in the European contact lens market. The company will continue to seek acquisitions to pursue further growth in new European markets.

Previous funding
Octopus invested in GetLenses in September 2009 in a deal that saw the company merge with eyecare business PostOptics to form GetOptics. Octopus contributed £1.35m to the £5m deal, with the companies' management participating for a significant holding in the new company.

Octopus backed the merger via its Octopus Titan 1, 2 and 3 VCTs, as well as the Eureka enterprise investment scheme, according to unquote" data.

Companies
Founded in 1998 and headquartered in Amsterdam, Vision Direct retails prescription glasses and contact lenses from large suppliers through its online store. The company recorded turnover of €18m in 2012.

Amsterdam-headquartered Lensbase was founded in 2005. The company sells contact lenses and cleaning solutions, as well as contact lens accessories, face care products, sunglasses and sun protection products.

People
Michael Kraftman is the CEO of GetLenses, while Steffan Rygaard is the founder and director of Vision Direct. Octopus venture partner Jo Oliver led the firm's original investment in GetLenses and holds an observer position on the company's board.