Belgium-listed investment holding company Groupe Bruxelles Lambert (GBL) has signed definitive agreements to acquire a 45% co-controlling stake in UK-headquarted Rayner, a leading manufacturer of intraocular lenses and related products. GBL will invest €500m (US$593m) of equity alongside incumbent shareholders CVC and the Rayner management team. Completion of the transaction will give GBL co-control rights alongside CVC.
“This transaction marks an exciting milestone for Rayner,” said Tim Clover, CEO of Rayner. “Having recently invested significantly in our R&D, new products and multiple FDA approvals, alongside our manufacturing and support services, we are extremely well placed to embark on our next phase of growth with a world class and highly supportive shareholder base.”
CVC will remain as leading shareholder following its investment in 2021.
“Rayner . . . has delivered significant growth and expansion under the first phase of our investment,” said Phil Robinson, partner in CVC’s Healthcare team. “We are looking forward to working with the GBL team over the coming years to capitalise on these foundations and further support the business with our combined global networks and capital.”
Rayner produces a full range of ophthalmic solutions (including lenses, surgical instruments, machines, eye drops), that help restore sight in patients undergoing cataract and refractive surgeries. From its beginnings in developing the world’s first IOL in 1949, Rayner is now pioneering the next wave of intraocular lenses with the world’s first spiral IOL (GalaxyTM). The firm operates in over 80 counties to improve the eyesight of more than three million patients per year.
“This transaction reflects GBL’s strategic ambition . . . and also illustrates our increased focus on investing in proven value-creative platform companies,” said Johannes Huth, managing director of GBL. In 2024, GBL announced plans to invest in assets in which the group has control or co-control and to increase the share of direct private assets within the portfolio.
It marks GBL’s latest — and third following Affidea and Sanoptis —investment in healthcare, which is one of the group’s five priority sectors.
“With this premier MedTech business, we are investing in another quality platform, in an attractive segment with exciting growth opportunities,” added Michal Chalaczkiewicz, investment partner at GBL.
GBL was advised by Kirkland & Ellis, McDermott Will & Schulte, EY and Bain & Company. CVC was advised by Latham, PWC, and BCG.
Press release: GBL to invest in Rayner alongside CVC, to support growth acceleration | CVC
