Rayner Surgical Group has been acquired by CVC Capital Partners
Phoenix Equity Partners has sold its shareholding in Rayner Surgical Group to CVC Capital Partners Fund VIII. The sale of Rayner delivers a strong return for investors in Phoenix’s 2016 Fund and marks Phoenix’s third exit this year.
Rayner is a pioneering ophthalmology business with a 100-year heritage. The Company is a global leader in eyecare, developing and manufacturing intraocular lenses (IOLs) and related products to support cataract and refractive surgery, with a focus on providing superior patient outcomes. Rayner developed the world’s first IOL in 1949 and has a successful track record of innovation and new product development. In the past five years alone, the Company has received regulatory approval for 11 new products, including the recently launched RayOne EMV lens. From its base in Worthing, UK, where it has a state-of-the-art manufacturing facility, Rayner has become the partner of choice for leading surgeons, academics and institutions around the world, and today exports its products to over 80 countries.
Phoenix invested in Rayner in 2017 as the first institutional shareholder in the Company’s history, with the aim of supporting the vision of CEO Tim Clover and the team to deliver a step change in Rayner’s growth. Phoenix worked closely with the team to strengthen the Company’s business development and operational capabilities, establish a direct presence in key international markets, and source and complete strategic acquisitions, while significantly increasing investment in new product innovation. Since Phoenix invested, EBITDA has nearly trebled, employee numbers have increased by more than 75% and the Company has significantly expanded its international footprint.
Rothschild & Co advised on the sale of this transaction. For further detail please contact Karen Dawaf.