VANCOUVER — Hardy Capital, a Canadian investment firm, has acquired LD Vision Group, whose brands include OptiContacts.com and ContactsExpress.ca.
Financial terms of the deal were not disclosed.
LD Vision Group’s brands have delivered 2.7 million orders to more than 1.1 million customers. In 2018, the company generated approximately $50 million in revenue.
Arshil Abdulla, founder and CEO of LD Vision Group, said, “We are excited to take this next step in the company’s journey. We believe the optical market is preparing for a shift that will reshape the industry and partnering with the Hardy Capital team prepares us for this large and growing secular opportunity.”
Roger Hardy, CEO of Hardy Capital, previously founded the pioneering brand in omnichannel eyecare, Coastal.com. Coastal.com, owner of Clearly.ca and Lensway.se, grew to over $1 billion in aggregate eyewear sales across 120 countries and was listed on the NASDAQ before being acquired by Essilor in 2014 for $450 million.
“More than 70 per cent of North American adults have corrective vision needs, yet the eyecare industry continues to be plagued by high costs, low convenience, and inconsistent customer service,” said Hardy.
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“Arshil Abdulla, [co-founder and CMO] Fayaz Abdulla, and [COO] Sean Mitha are leaders in North America in technology, automation, and customer service in the category. We’re thrilled to be partnering with them to build a new platform for customers.”
Hardy Capital stated that it expects to announce broader expansion plans into the eyecare industry in coming months.
The purchase of LD Vision Group marks the second investment in the eyecare category by the Hardy Capital team. In 2018, the team made a seed-stage investment in Privé Revaux.
