MILAN – EssilorLuxottica is making another acquisition in the med-tech segment.

The eyewear giant said Friday it has entered into an agreement with European private equity investor MidEuropa to buy ophthalmology platform Optegra, which operates in the U.K., Czech Republic, Poland, Slovakia and the Netherlands.

Francesco Milleri, chairman and chief executive officer, and Paul du Saillant, deputy CEO at EssilorLuxottica, said in a joint statement that with this acquisition, the company is “stepping into a new frontier – one where comprehensive eyecare, advanced diagnostics, therapeutic interventions and surgical treatments come together in one seamless platform.”

EssilorLuxottica, they said, has “the strategic assets to fuel this vision: an extensive distribution network with new clinical approaches, a smart eyewear offering with healthcare potential, and diagnostic capabilities that will be able to detect conditions ranging from neurodegenerative diseases to cardiovascular dysfunction.”

This is a further step into EssilorLuxottica’s med-tech strategy. In addition to frames and lenses, the group’s offer today includes AI-powered innovative technologies, wearables, medical instruments and science-backed eyecare solutions.

“Optegra and its experienced doctors will bring new medical capabilities to our group, enabling us to address patients’ needs with the most advanced vision care technologies and treatments in one trusted system that will anchor our med-tech aspirations. Powered by our growing AI and big data capabilities, we will be able to broaden our impact and deliver the most personalized and seamless patient journey,” concluded Milleri and du Saillant.

The Optegra group, under the Optegra, Lexum and Iris brands, operates an extensive network of over 70 eye hospitals and diagnostic facilities across Europe.

The treatments and procedures supported by AI in pre- and post-op stages include sight-saving cataract surgery, age-related macular degeneration and glaucoma treatments, refractive lens replacement and laser eye surgery, serving both publicly reimbursed and private-pay patients.

Dr. Peter Byloos, CEO of Optegra Eye Health Care, touted EssilorLuxottica’s leadership and said the partnership “not only accelerates our growth potential but also enhances our ability to deliver advanced, digital and integrated eyecare solutions to all our patients.”

EssilorLuxottica was assisted by Rothschild & Co in the transaction, which is expected to close later in 2025 pending regulatory approvals.

Robert Knorr, managing partner at MidEuropa said that, after accelerating Optegra’s expansion, opening new clinics, and invested in its “its digitalization, implementation of AI technologies, and broader mission to expand access to high-quality eye care,” he believes EssilorLuxottica  “is the ideal partner to lead Optegra into its next phase of growth and innovation.”

EssilorLuxottica has been ramping up its tech capabilities through several acquisitions.

After introducing last year its Nuance Audio brand, a convergence of eyewear and hearing aid devices, the group in January took over Pulse Audition, a French start-up that specializes in AI-powered noise reduction and voice sound enhancement to scale up its Nuance Audio’s technology.

The group established the dedicated Super Audio division in the summer of 2022 and finalized the acquisition six months later of Israeli company Nuance Hearing.

In mid-December, it revealed the acquisition of the Italy-based Espansione Group, which specializes in the design and manufacturing of noninvasive medical devices, protected by international patents for the diagnosis and treatment of dry-eye, ocular surface and retinal diseases. This followed the deal last July, to acquire an 80 percent stake in Heidelberg Engineering, a German company that is a specialist in diagnostic solutions, digital surgical technologies and health care IT for clinical ophthalmology.

EssilorLuxottica in 2024 reported revenues of 26.5 billion euros. In addition to its own brands ranging from Ray-Ban and Oakley to Persol, the group produces and distributes eyewear for brands spanning from Giorgio Armani, Brunello Cucinelli and Burberry, to Chanel, Michael Kors, Moncler, Prada and Ralph Lauren to name a few.