Europa Eyewear, a platform company of Blue Point Capital Partners, has acquired Eyebobs, a seller of premium reading glasses.
Europa Eyewear is one of the largest independent designers and manufacturers of eyewear frames in the United States and was acquired by Blue Point in April 2023. The buy of Eyebobs is the first add-on acquisition for Europa as it looks to build a larger B2B and B2C eyewear platform.
Europa’s product portfolio includes 11 eyewear brands, including STATE, which launched in 2015, and American Optical Eyewear, which the company acquired in 2019. Europa, headquartered north of Chicago in Vernon Hills, Illinois, was founded in 1977 and operates the largest eyewear manufacturing facility in the United States.
Eyebobs is a designer and seller of reading glasses and sunglasses for men and women that are sold through the company’s website, retail stores, and online marketplaces. The company was founded in 2001 and is headquartered in Minneapolis.
“Europa and eyebobs have highly complementary capabilities, as well as like-minded cultures and values, making this investment a natural next step in the development of our eyewear platform,” said Holly Rush, an operating executive at Blue Point. “Eyebobs’ distinct brand and value-proposition truly resonate with consumers. With the capabilities and strengths of Europa, we believe this is a powerful combination poised to expand the brand’s reach and capture significant growth opportunities.”
“We see tremendous opportunity for growth in the eyewear market and could not be more pleased to have Europa and eyebobs as part of our portfolio,” said John LeMay, a partner at Blue Point. “The combined strength of these well-established companies will allow us to unlock growth for both organizations by leveraging their proprietary brands, leading design capabilities and differentiated B2B and B2C models. The Blue Point team is fully committed to providing the resources both companies need to grow.”
Twin Brook was the administrative agent on debt financing to back Blue Point’s April 2023 buy of Europa. Chicago-based Twin Brook focuses on loans to private equity-owned companies with EBITDA between $3 million and $50 million, with an emphasis on companies with $25 million of EBITDA and below. The firm targets senior financing opportunities up to $200 million, with hold sizes across the platform ranging from $25 million up to $150 million. Twin Brook’s products include opportunistic investments in second lien, mezzanine, and equity co-investments.
Blue Point invests in companies that are active in the industrial, business services, consumer, and value-added distribution sectors and have from $30 million to $300 million in revenue and EBITDA greater than $7 million. The firm has offices in Cleveland, Charlotte, Seattle, and Shanghai.
© 2023 Private Equity Professional | April 27, 2023
