3
Leadership Renewal
A new leadership team was brought in, led by Santiago Soler, an industry expert. This change was crucial in shifting the company’s mindset toward the market and setting ambitious goals.
Success Story: Horizons Optical
Horizons Optical traces its roots back to the R&D department of Indo, then the Spanish leader in ophthalmic lenses. Despite a track record of innovative designs, the department had stagnated, focusing on a custom-made frame project while neglecting the evolution of its lens designs previously a hallmark of the company’s innovation leadership.
However, where others saw stagnation, Sherpa Capital saw untapped potential.
In 2017, a spin-off was carried out, giving birth to Horizons Optical as an independent company.
A Different Vision for the Market
When analyzing Indo, Sherpa identified a highly technical team passionate about technology and innovation. This team offered a unique value proposition distinct from Indo, but lacked the autonomy to thrive. Sherpa saw the opportunity to transform an EU grant-dependent R&D department into a market-driven company.
The transformation strategy was based on four key pillars:
1
Vision and Opportunity
Horizons was operating in a low-innovation sector, although a few companies had proven that similar models could be highly profitable.
2
Spin-off and Restructuring
By separating the R&D department from Indo, Horizons was able to focus solely on the development of premium lens designs.
3
Leadership Renewal
A new leadership team was brought in, led by Santiago Soler, an industry expert. This change was crucial in shifting the company’s mindset toward the market and setting ambitious goals.
4
Strategic Refocus
A clear product and commercial strategy was developed, with a well-defined innovation roadmap. This refocus transformed Horizons into an “innovation-generating machine” in an industry that had seen little innovation in recent years.
1
Vision and Opportunity
Horizons was operating in a low-innovation sector, although a few companies had proven that similar models could be highly profitable.
2
Spin-off and Restructuring
By separating the R&D department from Indo, Horizons was able to focus solely on the development of premium lens designs.
4
Strategic Refocus
A clear product and commercial strategy was developed, with a well-defined innovation roadmap. This refocus transformed Horizons into an “innovation-generating machine” in an industry that had seen little innovation in recent years.
GROWTH
The business was structured into two main units, covering the entire optical value chain:
- Laboratory Services (LS): Lens design
- Retail Solutions (RS): Advanced tools for optical stores and chains
Key Drivers of Sustainable Growth
Exit.
Value
multiplication.
The investment was initially led by Alfredo Bru and later by Fernando Aguado. Sherpa’s support throughout every stage of the company’s transformation brought strategic clarity and ambitious goals. Talent development was a central focus new profiles were attracted and the existing team was empowered. Sherpa provided comprehensive operational support, helping Horizons build a result-driven culture focused on market orientation and continuous innovation.
During the exit process, led by Jorge Fernández and his team, Sherpa not only secured a strong return but also ensured the next investor had a strong technological background to help Horizons reach the next level.
A Solid Customer Base
Horizons expanded from 15 legacy clients to over 100 clients across four continents.
GROWTH
Horizons maintained strong, consistent double-digit revenue growth.
Production Growth
The company scaled its production from under 1 million lenses annually to 10 million in 2023.
Market Positioning
Lenses produced with Horizons’ technology were positioned in the highest value-added segments of the optical industry.
Play
