Verdane returns 6x investment on LensOn exit

LensOn is the leading independent online retailer of contact lenses in the Nordic region. Verdane acquired the company in 2006, through a portfolio acquisition from Aggregate Media Funds. At the time, LensOn focused exclusively on the Swedish market. Since then, the company has grown from local Swedish to true Nordic player, by expanding into Denmark, Finland and Norway. In 2006, all revenues were generated in Sweden whereas about 50% of revenues in 2012 stem from other countries. During the same period, revenues have grown more than sixfold.

“Verdane funds are owners of a large number of successful e-commerce companies. LensOn is a perfect example of what can be achieved through a Nordic expansion strategy, and this is something we pursue in many of the e-commerce holdings” says Staffan Mörndal, Partner at Verdane Capital Advisors.

During Verdane’s ownership, LensOn has grown its number of employees from a handful to 30. While increasing the product range to offer a complete assortment of contact lenses online, the company has also built a logistics function where close to 100% of orders are sent from the warehouse within 24 hours of an order being placed.

“Verdane’s expertise in the e-commerce space has helped us accelerate the development in LensOn far beyond our expectations” says LensOn CEO and co-founder Kim Persson. “What started out as a small Swedish business is now a leading player, capable of attracting a major European group as a buyer. We are looking forward to continuing to our rapid growth across the Nordic markets and beyond.”