News Article

Belgian-based, publicly traded investment holding company Groupe Bruxelles Lambert (GBL) has signed definitive agreements to acquire a 45% co-control stake in UK-based manufacturer of intraocular lenses and ophthalmic medical products Rayner.

The transaction involves an equity investment of approximately €500m and will see GBL partnering with incumbent shareholder CVC Capital Partners and Rayner’s management team. Completion of the deal is expected in Q2 2026.

This move aligns with GBL’s strategic objective to increase its exposure to private assets and establishes healthcare as one of its five priority sectors for long-term value creation.

Rayner operates in over 80 countries and serves more than 3m patients annually. The company’s portfolio includes intraocular lenses (IOLs) for cataract and refractive surgeries, ophthalmic pharmaceuticals like Omidria, and the Sophi Phaco surgical platform. The inclusion of Omidria, a unique solution used during cataract surgery to maintain pupil dilation and reduce postoperative complications, has significantly accelerated sales growth for the group.

From an operational perspective, Rayner has demonstrated robust financial performance. The company maintains a strong profitability profile. Growth in 2024 was primarily driven by the ex-pharma segment.

The partnership with GBL is expected to support Rayner’s ambitious international growth strategy, particularly in North America, Asia, and Latin America. Key operational catalysts include the rollout of recently approved products such as the EMV and EMV Toric lenses in the US, as well as the anticipated launch of the Galaxy lens in late 2026. By leveraging GBL’s long-term capital and CVC’s global network, Rayner should solidify its position as a premier MedTech platform focused on clinical outcomes for surgeons and patients worldwide.