A consortium led by private equity firm 3i Group plc (LON: III) agreed to buy the second largest eyewear retailer in Brazil for £36.4 million ($54.6 million).

The target, Óticas Carol (OC), had been put up for sale by Brazilian entrepreneur Marcos Amaro.

As part of the deal, OC chief executive Ronaldo Pereira will increase his equity stake in the company. Institutional investors Neuberger Berman Group LLC and Siguler Guff & Co. LP are co-investing alongside London-based 3i in the transaction.

OC sells a broad range of prescription glasses, sunglasses and related eyewear accessories. The company, founded in 1997, is currently made up of 490 stores across 235 cities, including São Paulo and Rio de Janeiro.

3i’s investment, slated to close by the end of March 2013, is expected to boost growth and set up more OC stores throughout Brazil.

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