28 October 2010 Vendis Capital invests in innovative optical chain Eyes and More
Son, 28 October 2010 – The Belgium-based Investment Company Vendis Capital is investing up to EUR 12 million in the rapidly-growing Dutch optical chain Eyes and More, and taking a majority interest as a result. The management will maintain a significant minority interest.
The investment of Vendis Capital supports the ambitious growth plan of Eyes and More.
Eyes and More was formed in 2005 by Ad Mathijssen and Eric Ezendam, each of whom at that time already had 20 years of experience in the optical sector. It is a unique ´value for money´ retail concept. The consumer has a very extensive choice of fashionable frames which, combined with high-quality lenses, are offered at a single fixed low price. Eyes and More quickly grew into a chain of 27 stores in the Netherlands and 39 franchise stores in Germany. In 2009 the group achieved consumer sales of EUR 16 million. There are currently 292 employees.
This is the second investment for Vendis Capital, which was formed in October 2009. Vendis Capital is a specialised investment company, which focuses exclusively on retail and consumer brands in Europe. During the course of 2010 the fund increased its capital base to EUR 80 million, and is planning for the end of this year a final closing, with which the fund will come out above its objective of EUR 100 million.
“We´re very enthusiastic about our entry into Eyes and More,” explains Michiel Deturck of Vendis Capital, “Ad and Eric have put a unique and high-performance retail model onto the market that is highly appreciated by its customers. We are looking forward to supporting the growth plan of Eyes and More in partnership with Ad and Eric.”
“Vendis Capital is the ideal partner for us” note Ad and Eric, the founders of Eyes and More. “While retaining our own identity, we will be able to implement our accelerated growth plan, supported by an investor who really knows the consumer sector.”