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Coastal Contacts eyes more acquisitions
Having just acquired EyePassion Ltd., a direct marker of contact lenses, for an undisclosed price, Coastal Contacts is on the lookout for more acquisitions, says CEO Roger Hardy. EyePassion operates three dozen international microsites.
Online contact lens and eyewear retailer Coastal Contacts Inc. has acquired EyePassion Ltd., another direct marker of contact lenses.
Though terms of the deal weren’t disclosed, Coastal Contacts, No. 118 in the Internet Retailer Top 500 Guide, will acquire all of the company’s assets and e-commerce sites. EyePassion offers contact lenses and related products across three dozen microsites. Each site features content written in the local language. EyePassion has built microsites for most European countries, including France, Germany, Spain and the United Kingdom.
“Coastal continues to actively assess potential acquisitions in numerous markets around the world with the objective of completing those which are accretive to the company and increase shareholder value,” says Coastal Contacts CEO Roger Hardy. “This transaction is consistent with Coastal’s strategy of growth both organically and through timely acquisitions.”
The acquisition by Coastal Contacts is the company’s first in about three years. In 2005 and 2006 Coastal Contacts acquired three companies: AsianZakka Pte Ltd., MyLenses.nl and YourLenses Scandinavia AB.
For the quarter ended April 30, web sales in U.S. currency increased 16.3% to $28.6 million from $24.6 million in the prior year. In Canadian currency, web sales in Q2 of fiscal 2009 for Coastal Contacts increased to $33.3 million from $28.6 million in Q2 of fiscal 2008.