Berlin-based online eyewear store Mister Spex has bought Swedish competitors Lensstore and Loveyewear as part of its growth and international expansion strategy. According to Mister Spex CEO and founder Dirk Graber, the three companies combined will make revenues amounting to €48m this year. In 2012, the company earned €26m in revenue but revealed that it was still not yet profitable.
Funded partially by its recent $16m cash injection and by existing investors (including Scottish Equity Partners, DN Capital and Team Europe to name a few), the deal will give Mister Spex access to Scandinavian markets such as Sweden, Norway and Finland. Additionally, all employes – including the senior management team – will stay on board.
Launched in 2007, Mister Spex announced that investors Team Europe and Point Nine Capital sold the majority of their shareholdings in the eCommerce site last month.