GBL Invests €0.5 Billion in Rayner to Back Global Growth of Leading Surgical Ophthalmology Company

GBL Invests €0.5 Billion in Rayner to Back Global Growth of Leading Surgical Ophthalmology Company

(IN BRIEF) GBL has agreed to invest €0.5 billion to acquire a co-controlling minority stake in Rayner from CVC, creating a new partnership between GBL, CVC, and Rayner’s management team aimed at accelerating the company’s international growth and further strategic M&A following substantial recent investment in R&D, manufacturing, and infrastructure Rayner is a global leader in surgical ophthalmology with a portfolio that includes advanced intraocular lenses such as the Galaxy spiral IOL, the SOPHI Phaco platform, and ophthalmic consumables operating in over 80 countries the transaction is expected to close in Q2 2026 subject to regulatory approvals and both investors signalled their commitment to supporting Rayner’s next phase of expansion across North America, Asia, and Latin America

(PRESS RELEASE) LUXEMBOURG, 10-Feb-2026 — /EuropaWire/ — GBL has agreed to invest €0.5 billion in Rayner, acquiring a co-controlling minority stake from CVC Capital Partners VIII and joining CVC as a long-term partner in the company. Together with Rayner’s management team, GBL and CVC intend to support the next phase of the company’s development, with a focus on accelerating international expansion and pursuing further strategic acquisitions alongside continued organic growth.

The transaction follows a period of significant investment in Rayner’s research and development capabilities, manufacturing footprint, and operational infrastructure under CVC’s ownership since 2021. During this time, Rayner has strengthened its position as a global leader in surgical ophthalmology, building a differentiated portfolio of innovative products that address both clinical needs and surgeon efficiency.

Rayner is widely recognised for its pioneering contributions to ophthalmic care, having developed the world’s first intraocular lens in 1949. Today, the company offers a broad range of monofocal and premium intraocular lenses, ophthalmic consumables such as OMIDRIA® and Ophteis OVDs, as well as the SOPHI Phaco platform and digital tools designed to improve workflow and patient experience. Among its most recent innovations is Galaxy™, the world’s first spiral intraocular lens, which aims to provide patients with a smooth, continuous range of vision while preserving 100 percent light transmission and minimising side effects. Rayner operates in more than 80 countries and serves over three million patients annually.

Tim Clover, Chief Executive Officer of Rayner, described the investment as a major milestone in the company’s evolution. He highlighted that recent advancements in product development, multiple FDA approvals, and expanded manufacturing capacity have positioned Rayner strongly for its next growth phase. Clover welcomed GBL as a new shareholder and expressed appreciation for CVC’s continued support as lead investor.

Phil Robinson, Partner in CVC’s Healthcare team, emphasised that Rayner has delivered strong performance and expansion since CVC’s initial investment in 2021. He noted that the partnership with GBL would bring additional expertise, networks, and capital to further strengthen Rayner’s global reach and innovation capabilities.

On behalf of GBL, Investment Partner Michal Chalaczkiewicz stated that the acquisition represents GBL’s third investment in the healthcare sector, following its stakes in Affidea and Sanoptis. He characterised Rayner as a high-quality MedTech platform operating in an attractive and growing segment, and expressed confidence in working alongside CVC and Rayner’s management team to build on the company’s momentum.

Rayner will continue to pursue a dual growth strategy combining organic expansion with targeted acquisitions. In North America, the company is gaining traction with its recently approved EMV and EMV Toric lenses and the SOPHI Phaco machine, while preparing for the anticipated launch of Galaxy™ in the fourth quarter of 2026. At the same time, Rayner is expanding its footprint in Asia and Latin America. The company is headquartered in the United Kingdom, with advanced manufacturing facilities in Worthing (UK), Heerbrugg (Switzerland), and Sousel (Portugal).

The transaction is expected to close in the second quarter of 2026, subject to customary regulatory approvals and other closing conditions. CVC received legal and strategic advice from Latham, PwC, and BCG, while GBL was advised by Kirkland & Ellis, McDermott Will & Schulte, EY, and Bain & Company.

Media Contact:

Patrick Humphris
Managing Director, Head of Corporate Affairs
CVC
Tel: +44 204 576 9526
phumphris@cvc.com

SOURCE: CVC Capital Partners