TA-backed PhysIOL explores sale

PhysIOL, the TA Associates-backed provider of artificial lenses that treat cataracts, is prepping for a sale, Buyouts has learned.

The Belgian medical-device company has engaged Jefferies for financial advice on a sales process, according to people familiar with the matter.

PhysIOL produces Ebitda of around 35 million euros ($40.2 million), one of the people said. How much PhysIOL is seeking is unclear.

PhysIOL got its start in 1986, when it spun out of the University of Liege, Belgium.

The company makes artificial lenses for the eye, or intraocular implants, which are used in cataract and refractive surgery. Led by CEO Marc Nolet, the company serves ophthalmic surgeons in 74 countries.

Under TA’s backing, PhysIOL has grown partly through its own M&A efforts. The company in 2016 bought Nordic medtech company Alyko and in 2017 bought Italy’s Optikon.

TA’s investment in the company dates to 2015.

The Boston firm’s associated investment team includes Birker Bahnsen, Jeremy Drean, Lovisa Lander and Christopher Parkin, according to TA’s website.

The process for PhysIOL comes as TA portfolio company NorthStar Financial Services Group weighs a sale of its largest unit, Gemini, Buyouts reported.

In recent exits, the firm sold ProCare, a maker of child-care-management software, to Warburg Pincus for $550 million, Buyouts reported.

TA’s 12th flagship fund collected $5.3 billion in May 2015.

Representatives of TA Associates and Jefferies declined comment, while those with PhysIOL couldn’t immediately be reached.

Action Item: Learn more about PhysIOL: www.physiol.eu/en-US/Home