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.

A Global Player in Vision Care

Founded in 1949 and headquartered in Worthing on England’s southern coast, Rayner has built a reputation as a leading manufacturer of intraocular lenses and ophthalmic products. Its devices are primarily used in cataract and refractive surgeries — procedures that restore sight and, in many cases, independence.

Beyond lenses, Rayner produces surgical instruments, equipment and eye-care products. The company markets its offerings in more than 80 countries across six continents, supported by direct sales teams operating in 16 nations.

The investment effectively pairs GBL’s capital strength with Rayner’s specialized expertise in a segment poised for steady demand as global populations age.

Advisers on Both Sides

GBL is being advised by Kirkland & Ellis LLP and McDermott Will & Schulte. The Kirkland team is led by partners Vincent Bergin, Adrian Maguire and Carmella Crinnion, while Sharon Lamb serves as lead partner for McDermott. Financial advice to GBL is being provided by EY and Bain & Co.

CVC Capital Partners is represented by Latham & Watkins LLP, with PwC and Boston Consulting Group acting as its financial advisers.

CVC, which first invested in Rayner in 2021, said it intends to remain the lead investor and collaborate with GBL to build on Rayner’s recent expansion. The private equity firm noted that the company has grown significantly during the initial phase of CVC’s ownership.

GBL declined to comment beyond its statement. CVC did not immediately respond to a request for further comment.