Hardy Capital has acquired LD Vision Group Inc, a Richmond, British Columbia-based direct retailer of eyewear products.
Terms weren’t disclosed.
Founded in 2002 and led by CEO Arshil Abdulla, LD Vision operates a family of Canadian and U.S. brands, including ContactsExpress.ca, LensDiscounters.com and OptiContacts.com. It has delivered 2.7 million orders to more than 1.1 million customers.
Hardy Capital is the investment firm of Canadian entrepreneur Roger Hardy. Hardy co-founded and led online eyewear retailer Coastal Contacts, acquired in 2014 by Essilor for $450 million.
The investor said it expects to announce broader expansion into the eyecare industry in the months ahead.
Hardy Capital Acquires LD Vision Group
Forecasts secular growth in direct optical channels.
VANCOUVER, April 24, 2019 /CNW/ – Hardy Capital, a Canadian investment firm, announced today that it has completed the acquisition of LD Vision Group. LD Vision Group is North America’s second largest independent direct retailer in eyecare. Powered by a proprietary end-to-end technology platform, LD Vision Group manages a family of brands that has delivered 2.7 million orders to more than 1.1 million customers. In 2018, the company generated approximately $50 million in revenues.
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 steadily 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. Mr. Hardy is joined by Sabrina Liak, who was previously with Goldman Sachs Investment Partners, and Joseph Thompson, who was previously with Amazon and Procter & Gamble.
“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 Mr. Hardy. “Arshil Abdulla, Fayaz Abdulla, and 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.”
Arshil Abdulla, founder and CEO of LD Vision Group, remarked, “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.”
Hardy Capital expects to announce broader expansion plans into the eyecare industry in the months ahead. 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 millennial hypergrowth brand, Privé Revaux.
Canaccord Genuity Petsky Prunier, with a team led by John Fang, served as the exclusive financial advisor to LD Vision Group in this transaction.
About LD Vision Group:
Founded in 2002, LD Vision Group is North America’s second largest independent direct retailer of optical goods, managing a family of brands including OptiContacts.com, and ContactsExpress.ca. LD Vision Group is led by Arshil Abdulla, founder and CEO, Fayaz Abdulla, co-founder and CMO, and Sean Mitha, COO. The company is headquartered in Toronto and has offices in Vancouver and Buffalo, New York.
About Hardy Capital:
Hardy Capital is an investment firm, founded by Roger Hardy. The Hardy Capital mission is to help build and grow businesses that have the potential to achieve market-leading positions, primarily in the consumer space. Its focus is on growth businesses that take exceptional care of customers.
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