CVC Capital to acquire Rayner from Phoenix Equity Partners

CVC Capital Partners has agreed to acquire UK-based Rayner, an ophthalmology business, from Phoenix Equity Partners.

CVC Capital Partners has agreed to acquire UK-based Rayner, an ophthalmology business, from Phoenix Equity Partners. No financial terms were disclosed.

PRESS RELEASE

CVC Capital Partners VIII announced today that it has agreed to acquire a majority interest in Rayner (“the Company”), the global ophthalmology business from Phoenix Equity Partners, the UK growth-focused private equity firm, for an undisclosed amount.

Rayner is a manufacturer and developer of 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 their state-of-the-art headquarters in Worthing, UK, the Company, which developed the world’s first IOL in 1949, now makes these and other products available to patients in over 80 countries, through its subsidiaries and distribution networks, to improve the eyesight of more than 300,000 patients per year.

Cathrin Petty, Managing Partner and Global Head of Healthcare at CVC, commented: “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.”

With CVC’s backing and working in partnership with the Company’s ambitious management team, Rayner will pursue a strategy focused on driving both organic and inorganic growth, while further enhancing Rayner’s established reputation for innovation and product excellence. Benefitting from CVC’s international reach and experience of the healthcare sector, including investments such as Sebia, Theramex and Recordati and recent agreements to invest in Cooper, System C, MedRisk and ExamWorks, Rayner is poised to continue its growth as a leading global operator as demand for its broad suite of products and services in ophthalmology continues to grow.

Tim Clover, CEO of Rayner, remarked: “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.”

Kevin Keck, Partner at Phoenix Equity Partners, said: “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.”

The transaction is expected to close in Q3 2021, subject to customary closing conditions and receipt of required regulatory approvals. Cathrin Petty and Phil Robinson will represent CVC on Rayner’s board.

CVC were advised by Freshfields Bruckhaus Deringer, Mansfield Advisors, PricewaterhouseCoopers and William Blair International. Phoenix were advised by Rothschild & Co, Latham & Watkins LLP, PricewaterhouseCoopers, L.E.K. Consulting International Ltd, BDO LLP.

About CVC
CVC is a leading private equity and investment advisory firm with a network of 24 offices throughout Europe, Asia and the US, with approximately US$115 billion of assets under management. Since its founding in 1981, CVC has secured commitments in excess of US$163 billion from some of the world’s leading institutional investors across its private equity and credit strategies. Funds managed or advised by CVC are invested in over 90 companies worldwide, which have combined annual sales of approximately US$100 billion and employ more than 450,000 people. For further information about CVC please visit: www.cvc.com.