Summit Partners – buyout of Quay Australia founders

• Quay Australia is a global eyewear brand founded in Melbourne, known for its fashion-led, social-media-driven direct-to-consumer model and strong following among consumers and influencers worldwide
• Summit Partners, which first invested in Quay Australia in 2016, acquired the founders' remaining interest in 2021, completing a full buyout of the founding Hammond family
• Miles advised the founders on the sale of their remaining stake, providing them with a full exit from the business they had built into a globally recognised eyewear brand

Industry Context

Growth equity investors in consumer and fashion brands often acquire founder stakes in stages, with an initial majority investment followed by a buyout of the founders' remaining interest once the partnership has run its course. For founders, a staged exit allows them to benefit from the value creation achieved under institutional ownership before realising their remaining equity. Quay Australia's trajectory — from a Melbourne startup to a globally distributed eyewear brand backed by a leading US growth equity firm — is characteristic of the Australian DTC brands that have attracted significant offshore institutional interest over the past decade.

Further information on this transaction is available at: Quay Australia / Summit Partners Press Release