Phoenix agrees the sale of Rayner Surgical Group

Phoenix is pleased to announce the sale of its shareholding in Rayner Surgical Group (“Rayner” or “the Company”) to CVC Capital Partners Fund VIII (“CVC”). The sale of Rayner delivers a strong return for investors in Phoenix’s 2016 Fund and marks Phoenix’s third exit this year.

Rayner is a pioneering ophthalmology business with a 100-year heritage. The Company is a global leader in eyecare, developing and manufacturing intraocular lenses (IOLs) and related products to support cataract and refractive surgery, with a focus on providing superior patient outcomes. Rayner developed the world’s first IOL in 1949 and has a successful track record of innovation and new product development. In the past five years alone, the Company has received regulatory approval for 11 new products, including the recently launched RayOne EMV lens. From its base in Worthing, UK, where it has a state-of-the-art manufacturing facility, Rayner has become the partner of choice for leading surgeons, academics and institutions around the world, and today exports its products to over 80 countries.

Phoenix invested in Rayner in 2017 as the first institutional shareholder in the Company’s history, with the aim of supporting the vision of CEO Tim Clover and the team to deliver a step change in Rayner’s growth. Phoenix worked closely with the team to strengthen the Company’s business development and operational capabilities, establish a direct presence in key international markets, and source and complete strategic acquisitions, while significantly increasing investment in new product innovation. Since Phoenix invested, EBITDA has nearly trebled, employee numbers have increased by more than 75% and the Company has significantly expanded its international footprint.

Tim Clover, CEO of Rayner, said: “We are grateful to Phoenix for their support and insight over the past four years. The team took the time to really get to know Rayner and understand what we wanted to achieve and how to get there. They have made an enormous contribution to our business, helping us to put the building blocks in place to continue our growth trajectory and to fulfil our ambition to deliver superior visual outcomes for patients.”

Kevin Keck, Partner at Phoenix, 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.”

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 create a global champion.”