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Major cash injection for custom contact lens company

24/10/2018By Myles Hume
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Custom fit contact lens supplier Mark’ennovy has forged an alliance with two major investors in a move it says will fuel development of new products.

Mark’ennovy Personalized Care, a European-based provider of precision contact lenses, recently announced the completion of its “significant debt and equity funding package”.

It has partnered with Bond Capital Partners, a London-based, independent investor and advisor to small and medium-sized business, which has now acquired a notable interest in the group.

Additionally, Alantra, a global mid-market investment banking and asset management firm is providing more debt finance.

Alantra’s private debt fund provides long-term flexible financing solutions to middle market companies, equating to €250 million (AU$405.23 m). It has been one of the most active debt funds in Spain with 14 transactions closed over the past three years.



“With this funding it enables us to seriously expand the operation within the Asia-Pacific region,”
Mark’ennovy MD Asia Pacific Chris Harous

None of the companies involved detailed how much had been invested.

Mark’ennovy launched in Australia in May with the promise of offering its more than one billion separate parameter combinations on the local market.

The Spanish-based company specialises in individually crafted lenses that have their diameters, base curves, spheres, cylinders, axes and additions tailored specifically to each patient. The unique approach has seen the company expand from 30 employees to more than 190 since it was established in 1997.

Mark’ennovy Asia-Pacific managing director Chris Harous said the new partnership provided a great platform to take the company to the next level.

“With this funding it enables us to seriously expand the operation within the Asia-Pacific region,” he said.

Mark’ennovy chairman, CEO and majority shareholder Mr George Sarrouf said: “This newly founded alliance allows us to accelerate new product development focused on an almost infinite choice of daily and monthly soft contact lenses.”

“With a significantly wider range of materials, geometries and parameters we will provide access to contact lens wear that previously was unavailable.”

Sarrouf said Bond Capital Partners brought a wealth of experience in contact lenses having previously invested in the European eyecare industry.

Bond Capital Partners CEO Mr Mark Opzoomer said Mark’ennovy had a “powerful, but understated” position in the market.

GLAUKOS
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“The company has the potential to provide practitioners with a unique product range disrupting the ‘one size fits all’ mentality to one which provides precision-based solutions.”

George & Matilda Eyecare
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