Verdane returns 6x investment on LensOn exit
Stockholm — Verdane Capital V (Verdane) has sold portfolio company LensOn in a transaction with Prescription Eyewear Limited. The realisation will return 6x the fund’s investment in the company.
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.”
Verdane’s expertise in the e-commerce space has helped us accelerate the development in LensOn far beyond our expectations.
About Verdane Capital Advisors
Verdane Capital Advisors has over 25 years experience in the venture capital and private equity market as advisor to Verdane Capital funds. The funds act as liquidity providers for owners of unlisted assets, primarily by acquiring portfolios of unlisted companies, but Verdane Capital funds also selectively invest directly in medium-sized individual companies. The committed capital in the funds advised stands at over €500m, with a total of over 100 holdings in four different funds. Verdane Capital Advisors has 21 professionals in offices in Helsinki, Oslo and Stockholm. Example investments include: BytHjul, Codenomicon, Liaison Technologies, Mathem, Resman, SmartMotor, Wireless Maingate and MJP Marine Jet Power. Examples of earlier investments are Aquagen, Coding Technologies, Chipcon, DIBS, Nacre, Opera Software, Reslink and TradeDoubler. For more information, please visit www.verdanecapital.com
Founded by Kim Persson and Johan Bergenheim, LensOn is the leading independent online retailer of contact lenses in the Nordic region:
The company sells contact lenses through local language sites across Sweden, Norway, Finland, Denmark, the Netherlands, Germany, France and the UK, with over 50% of sales outside of its home Swedish market
LensOn is located in Stockholm, Sweden, with 30 employees.
Verdane Capital Advisors
+46 702 44 2083