Prior to commencing the transaction, Persol was owned by two investors, who bought the company through an LBO.

As an advisor to Persol, Cross Border initiated informal contacts with industrial players in the sector, with Bausch & Lomb and Luxottica emerging as two powerful players with the strongest interest in the opportunity.

At that time, Luxottica was operating only on licensing agreements without owning any proprietary brands and was keen to acquire a well-established product line with strong brand recognition.

Cross Border solicited a bidding process and executed the sale of the company to Luxottica, using the brand’s strength to obtain a valuation premium.