- GBL will invest alongside CVC in Rayner, backing a global leader in the surgical ophthalmology segment
- Together with Rayner’s management team, both GBL and CVC are focussed on continuing to scale the company, both organically and through further strategic M&A
- Following significant investment in R&D, manufacturing and infrastructure, and strong growth under CVC’s ownership since 2021, Rayner has a leading portfolio of surgical ophthalmic products and is well positioned to expand further
Rayner, CVC and GBL announce today that GBL will invest €0.5bn of equity to acquire a co-controlling minority stake in Rayner from CVC Capital Partners VIII. GBL will partner with CVC and Rayner’s excellent management team to support Rayner in its international growth ambitions.
Rayner is a global leader in ophthalmic innovation, with a portfolio of innovative and clinically superior ophthalmic products. Rayner’s portfolio includes monofocal and premium Intraocular Lenses (IOLs), ophthalmic consumables including OMIDRIA® and Ophteis OVDs, the SOPHI Phaco platform and a suite of digital tools to improve surgeons’ and patients’ convenience. 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) offering patients a smooth and continuous range of vision, with minimal side effects and 0% loss of transmitted light. Rayner operates in over 80 counties globally to improve the eyesight of more than 3 million patients per year.
Tim Clover, CEO of Rayner, remarked: “This transaction marks an exciting milestone for 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. I’m delighted to welcome GBL to our board, and grateful that CVC are remaining alongside us as our lead investor.”
Phil Robinson, Partner in CVC’s Healthcare team, commented: “Rayner is a globally renowned pioneer in the ophthalmology sector, and has delivered significant growth and expansion under the first phase of our investment since 2021. We are looking forward to working with the GBL team over the coming years to now capitalise on these foundations and further support the business with our combined global networks and capital.”
Rayner is a globally renowned pioneer in the ophthalmology sector, and has delivered significant growth and expansion under the first phase of our investment since 2021
Phil Robinson Partner at CVC
On behalf of GBL, Investment Partner Michal Chalaczkiewicz said: “After Affidea and Sanoptis, this marks GBL’s third investment in healthcare. With this premier MedTech business, we are investing in another quality platform, in an attractive segment with exciting growth opportunities. We look forward to working with Tim Clover and his management team, as well as CVC, to further Rayner’s impressive value creation trajectory.”
Rayner will continue to pursue a strategy focused on driving both organic and inorganic growth. The company is expanding strongly in North America with its recently approved EMV and EMV Toric lenses, its approved Sophi Phaco machine and the anticipated launch of Galaxy in Q4 2026, as well as international expansion in Asia and Latin America. Rayner is a British company, with state-of-the-art headquarters and manufacturing plants in Worthing (UK), Heerbrugg (Switzerland) and Sousel (Portugal).
The transaction is expected to close in Q2 2026, subject to customary closing conditions and receipt of required regulatory approvals.
CVC were advised by Latham, PWC, and BCG. GBL were advised by Kirkland & Ellis, McDermott Will & Schulte, EY and Bain & Company.