CVC Capital Partners VIII today announced it is acquiring a majority interest in Rayner, the global ophthalmology business from private equity firm Phoenix Equity Partners, for an undisclosed amount.
Rayner manufactures and develops innovative intraocular lenses (IOLs) and associated pharmaceuticals. The company’s products deliver sight-restorative implants and treatments to patients during cataract and refractive surgeries. Operating from headquarters in Worthing, the company, which developed the world’s first IOL in 1949, now makes these and other products available to patients in more than 80 countries, through its subsidiaries and distribution networks, to improve the eyesight of more than 300,000 patients a year.
With CVC’s backing Rayner stated it will pursue a strategy of organic and inorganic growth, innovation and product excellence.
Cathrin Petty, managing partner and global head of healthcare at CVC, said: “Rayner is a pioneer in the ophthalmology sector and is globally renowned. We are delighted to be backing this outstanding management team, led by the CEO Tim Clover, in accelerating the international expansion of the business. This is a wonderful example of UK technology innovation and manufacturing excellence that with the support of CVC’s global network we aspire to turn into a global champion.”
Clover said: “Having recently tripled our manufacturing capacity and strengthened our R&D capability, we are primed to embark on our next phase of growth and improve outcomes for even more patients with our world-class implants and treatments for a broad range of ophthalmic conditions. With its extensive healthcare experience, CVC understands our business and supports our ambition to become an international ophthalmology leader.”
Petty and Phil Robinson will represent CVC on Rayner’s board.
Kevin Keck, partner at Phoenix Equity Partners, added: “Rayner is a great British success story, and it has been fantastic to have been able to play a part in that over the past four years. Tim and his team have worked tirelessly to build on the company’s fantastic track record and ensure it is well placed to continue its rapid growth in the years to come. We wish them all the best for the next stage of their journey.”
CVC was advised by Freshfields Bruckhaus Deringer, Mansfield Advisors, PwC and William Blair International. Phoenix was advised by Rothschild & Co, Latham & Watkins, PwC, L.E.K. Consulting International, and BDO.
The transaction is expected to close in the third quarter of the year.
Date published: June 28, 2021