Private equity firm Oakley Capital has announced the acquisition of a majority stake in Horizons Optical, a provider of medical software used to manufacture premium lenses for glasses. The company's CEO, Santiago Soler, will retain a significant stake and leadership position, while the seller, private equity fund Sherpa Capital, will divest all its shares.

Horizons Optical was founded in Barcelona in 2017. Today, its patented software is used by independent laboratories around the world to manufacture custom-made progressive lenses, which can correct a variety of eye conditions, including near, middle and far vision, as well as astigmatism, in a single lens.

Customising lenses and frames
Lenses manufactured using Horizons Optical software are positioned in the highest value-added segments of the optical industry. In 2023, ten million lenses were produced worldwide using this technology, a figure that has undoubtedly aroused the interest of the British firm. The company also produces equipment used in opticians stores to scan consumers' faces and measure relevant facial parameters to personalise lenses and frames.

Horizons' commercial track record has been accompanied by revenue that has grown solidly and has not dropped below double digits. The rapid growth of the business has been harmonised in the international market. Europe and the United States each account for one third of total revenue at present, followed by Asia Pacific and South America.

Sixth deal in Spain
The acquisition of Horizons is Oakley's sixth deal in Spain, following those of vLex, Seedtag, Alerce, Grupo Primavera (now part of Cegid), Idealista and various educational assets. The lens market has strong long-term growth prospects, supported by an increasingly ageing population and a higher incidence of vision conditions caused by excessive screen time.

This is coupled with innovations introduced by Horizons to support opticians, with tools such as a virtual reality headset that allows optometrists to accurately measure eyes in order to produce customised lenses. Oakley will help accelerate its international growth plans and support investment in R&D, as well as sales and marketing to position it as an innovative and disruptive brand.

^{Photo: Horizons Optical}