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Brookfield and KKR are competing to acquire a controlling stake in Eyewa at a valuation of about $700 million, two years after the Gulf eyewear retailer raised $100 million in a funding round led by General Atlantic.
The firms are the frontrunners in advanced discussions, according to reporting by Nicolas Parasie for the Financial Times, which cited people familiar with the matter. An agreement remains contingent on the regional conflict not escalating further.
Eyewa, which has headquarters in Riyadh and Dubai, now operates about 250 stores across the Gulf selling prescription glasses, sunglasses and contact lenses. The size of the controlling stake and the shareholders selling haven’t been disclosed.
General Atlantic led the company’s $100 million Series C announced in November 2024, with participation from Badwa Capital and Turmeric Capital, bringing its disclosed funding to about $130 million. Earlier rounds were backed by investors including Nuwa Capital, Kingsway, Wamda Capital and EQ2 Ventures.
Founded in 2017 by former Bain consultants Anass Boumediene, Mehdi Oudghiri and Abdullah AlRugaib, Eyewa began as an online reseller before developing its own brands and opening its first store in Dhahran, Saudi Arabia in December 2020.
Physical retail allowed customers to have their eyes tested and try on frames, while proprietary products gave the company greater control over pricing and margins.
By the time of its last fundraising, those products accounted for 96% of revenue and the business had about 150 wholly owned stores, as FWDstart previously reported. A 2024 Stanford case study put revenue the previous year at close to $100 million, with an EBITDA margin of about 40%.
The Series C funded plans to add at least 100 stores and establish a Riyadh production hub combining lens manufacturing, warehousing and fulfilment, extending Eyewa’s control over both its products and their distribution.
The bidders have meanwhile been increasing their exposure to the region. Brookfield raised $2 billion at the first close of its Middle East buyout fund this summer, anchored by Saudi Arabia’s Public Investment Fund, while KKR has deployed about $5 billion of equity capital in the region since January 2025, according to the FT.
Brookfield, KKR and General Atlantic declined to comment to the newspaper. Eyewa didn’t respond to its requests.
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