In a calculated move aimed at sharpening its healthcare focus, GBL invests in Rayner, agreeing to acquire a 45% stake in the U.K.-based eye treatment manufacturer for €500 million ($596 million). The deal, announced Monday, signals Groupe Bruxelles Lambert’s accelerating push into private healthcare assets.
The Belgian investment holding company is buying the stake from private equity firm CVC Capital Partners Ltd., marking a significant shift in Rayner’s ownership structure while leaving CVC in a leading role.
Regulatory Hurdles Ahead
GBL said it expects the transaction to close between April and June, contingent on regulatory approvals. The company did not specify which regulators must sign off on the deal.
The acquisition slots into GBL’s broader ambition to deepen its exposure to privately held companies, particularly in sectors primed for long-term expansion.
Strategic Expansion Into Healthcare
Johannes Huth, managing director of GBL, described the transaction as emblematic of the firm’s sharpened investment lens.
“This transaction reflects GBL’s strategic ambition to increase its exposure to private companies — through investments with control or co-control — operating in a growing market,” Huth said in a statement. He added that the deal underscores GBL’s increasing focus on investing in “proven value-creative” businesses.
Healthcare stands as one of GBL’s five priority sectors, alongside business services, consumer, light industrials and technology. The company pointed to favorable demographic shifts, robust growth trajectories and fragmentation across healthcare markets as fertile ground for value-generating mergers and acquisitions.
