KKR has agreed to acquire 1-800 Contacts from investment firm AEA Investors, the online contact lens retailer announced on Wednesday, September 23, in a deal that a source said was worth more than US$3 billion, reported Reuters.
Buyout firm KKR, which is looking to cash in on growing demand for digital sellers, earlier this year bought a majority stake in Coty’s professional and retail hair unit and Dutch vacation parks firm Roompot.
Like many e-commerce companies, the Draper, Utah-based 1-800 Contacts has seen its customer base and sales surge during the COVID-19 pandemic, as customers turned to its online services due to virus-led closure of brick-and-mortar stores.
In contrast, revenue at eyewear giant EssilorLuxottica and US optical store chain National Vision Holdings nearly halved in the second quarter.
Full Content: Reuters
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