Mondottica International, the Nottingham-based designer and distributor of branded eyewear has secured £14.9 million funding from Santander Corporate & Commercial.
The funds will be used to fuel its UK and international expansion plans and develop its luxury eyewear division, Brando.
The funding, which includes a Santander Growth Capital loan, aimed at the UK’s fastest-growing, most dynamic businesses, will also create up to 45 new jobs for the firm and its subsidiaries.
Established in 2003, Mondottica International signed its first licence with Ted Baker.
Mondottica’s founder, Michael Jardine, facilitated the deal through his connections to Ray Kelvin, founder of Ted Baker and the company continues to be Mondottica’s largest client in a current portfolio of 15 brands.
Over the past 15 years, the international business has seen exceptional growth, signing deals with companies such as Hackett, Converse, Joules, Pepe Jeans, Cath Kidston and Ducati.
The most recent clients include Sandro, Maje and Benetton.
The funding from Santander will enable the company to expand its activity in the US and Europe and invest in the development, delivery and marketing of its portfolio.
It will also facilitate a rollout of its luxury eyewear division, Brando, among opticians worldwide.
Additionally, the funding will help establish 45 new roles within Mondottica International to enhance its sales delivery, distribution infrastructure and systems.
Law firm Browne Jacobson advised Santander on the deal.
Mondottica’s global headquarters is based in Hong Kong and the company has several offices and partnerships including in Paris, Barcelona, Tokyo, Delhi, Moscow, New York and Sydney, as well as the Nottingham head office and London design studio in the UK.
Mondottica were advised by LGF Partners, a UK-based debt advisory business that provides creative debt solutions to Global innovative and fast growth SME’s.
Santander’s Growth Capital loans are targeted at UK businesses with annual turnovers of up to £50 million, which have a demonstrated history of high year-on-year growth in turnover, profit or employment.
As well as the financial support, high-growth businesses can also access other support from Santander which includes training (masterclasses), mentoring and seminars as well as access to overseas trade missions and part-funded interns through our partner universities.
David Hart, operations director at Mondottica International, said: “The funding from Santander means we are now enabled to deliver our products and services on a global scale powered by an expanded Mondottica team.
“Santander has provided a flexible package tailored to us, our market and one that accommodates our international needs and ambitions.
“We have been guided through this process by an expert team who have become a real business asset supporting us through our first external funding.”
“Mondottica is very highly renowned in the eyewear industry and its successful business model has resulted in year-on-year sales growth.
“Santander’s funding will help the company to develop further, particularly internationally, and allow it to seize new opportunities.”
Paul Ray, head of banking & finance at Browne Jacobson, said: “We are delighted to have advised Santander on another high-profile Growth Capital transaction, this time with the global designer and manufacturer of eyewear Mondottica.
“This deal clearly represents an exciting time for the business as it continues to invest in and develop its worldwide portfolio.”
Our BQ Bulletin emails will land in your inbox at 7.30am, Monday to Friday, with a mix of the latest local business news, national news, and features to inspire you. Sign up here!
Click here to read our privacy statement