Belgian Investment Giant GBL Partners with CVC in €500 Million Strategic Bet on Global Ophthalmology Leader Rayner

In a strategic move that underscores the growing investment appeal of the global ophthalmology sector, Belgian investment holding company Groupe Bruxelles Lambert (GBL) has announced a €500 million equity investment to acquire a 45% co-controlling stake in Rayner, a British manufacturer of intraocular lenses and related ophthalmic products. The transaction, announced on February 9, 2026, positions GBL alongside CVC Capital Partners as co-controlling shareholders in one of the world’s most historic and innovative companies in the eye care industry.

The deal represents GBL’s third major healthcare investment, following its acquisitions of pan-European diagnostic imaging provider Affidea and European ophthalmology services leader Sanoptis. For GBL, which manages a net asset value of €14 billion, this transaction signals a calculated expansion into the medical technology sector, particularly within ophthalmology—a market experiencing robust growth driven by demographic shifts and technological innovation.

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A Partnership Built on Proven Track Record

CVC Capital Partners, which initially acquired Rayner in 2021, will remain as the lead investor following this transaction. The London-based private equity firm has demonstrated significant expertise in healthcare investments, with a portfolio spanning multiple sectors including technology, sports, and financial services. Under CVC’s ownership since 2021, Rayner has experienced substantial growth through strategic acquisitions, product development, and international market expansion.

“Rayner is a globally renowned pioneer in the ophthalmology sector, and has delivered significant growth and expansion under the first phase of our investment since 2021,” said Phil Robinson, Partner in CVC’s Healthcare team. “We are looking forward to working with the GBL team over the coming years to now capitalise on these foundations and further support the business with our combined global networks and capital.”

The partnership between GBL and CVC brings together two investment powerhouses with complementary strengths. While CVC contributes deep operational expertise and a track record of value creation in healthcare companies, GBL brings long-term capital and a patient investment approach backed by stable family shareholders including the Frère Group and Power Corporation of Canada through Pargesa Holding.

Rayner’s Historic Legacy and Innovation Pipeline

Founded in 1910 and headquartered in Worthing, United Kingdom, Rayner holds a unique position in ophthalmology history. The company was instrumental in developing the world’s first intraocular lens in collaboration with Sir Harold Ridley in 1949—a breakthrough that revolutionized cataract surgery and restored sight to millions of patients worldwide.

Today, Rayner operates in more than 80 countries and improves the eyesight of over three million patients annually. The company’s comprehensive portfolio includes monofocal and premium intraocular lenses (IOLs), ophthalmic consumables such as OMIDRIA® and Ophteis OVDs, the SOPHI Phaco platform, and a suite of digital tools designed to enhance surgical precision and patient outcomes.

Tim Clover, CEO of Rayner, emphasized the significance of the transaction: “This transaction marks an exciting milestone for Rayner. Having recently invested significantly in our R&D, new products and multiple FDA approvals, alongside our manufacturing and support services, we are extremely well placed to embark on our next phase of growth with a world class and highly supportive shareholder base.”

Pioneering the Next Generation of Vision Correction

Rayner’s innovation pipeline represents a key attraction for investors. The company is pioneering the next wave of intraocular lens technology with the RayOne Galaxy—the world’s first spiral IOL, designed using artificial intelligence. This groundbreaking lens offers patients a smooth and continuous range of vision with minimal side effects and zero percent loss of transmitted light.

The Galaxy IOL, developed in collaboration with Dr. João Lyra from Brazil, represents a significant technological leap forward in premium lens design. The AI-designed spiral configuration provides full-range vision without the wave-like defocus pattern associated with traditional diffractive trifocal IOLs, addressing one of the key challenges in premium lens technology.

In October 2025, Rayner secured FDA approval for its RayOne EMV Toric intraocular lens, expanding the company’s footprint in the United States market. The approval followed successful completion of a pivotal Investigational Device Exemption study that demonstrated exceptional rotational stability and high-quality visual outcomes for patients with astigmatism.

The company completed patient enrollment for its Galaxy IOL U.S.-based IDE study in February 2025, with the anticipated FDA approval and commercial launch planned for Q4 2026. This timing aligns perfectly with GBL’s investment, positioning the new ownership structure to capitalize on what could be a transformative product launch in the world’s largest healthcare market.

A Market Poised for Substantial Growth

The investment in Rayner comes at a particularly opportune time for the global intraocular lens market. According to market research, the global IOL market was valued at $4.75 billion in 2025 and is projected to reach $7.74 billion by 2035, representing a compound annual growth rate of approximately 5%.

Several powerful demographic and technological trends are driving this expansion. The global population aged 60 and over is rapidly expanding, with the World Health Organization projecting that one in six people will be aged 60 years or older by 2030. This demographic shift directly correlates with increased cataract prevalence, as approximately 50% of individuals develop cataracts by age 75.

Cataracts remain the leading cause of preventable blindness worldwide, with more than 28 million cataract surgeries performed annually across developed and emerging economies. The surgical success rate exceeds 95%, and the shift toward outpatient procedures—which now represent 91% of total cataract surgeries—has improved patient access and procedural volumes.

Technological advancements are also reshaping the market landscape. The introduction of premium IOLs, including multifocal, toric, and extended depth-of-focus lenses, commands significantly higher average selling prices compared to traditional monofocal lenses. In the United States, premium IOLs can cost patients an additional $1,500-$3,000 per eye out-of-pocket, reflecting the enhanced value proposition these advanced technologies offer.

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Strategic Expansion in North America and Beyond

Rayner’s growth strategy focuses on aggressive international expansion, particularly in North America—the world’s largest market for ophthalmic devices. The United States alone performs approximately 4 million cataract surgeries annually, with cataracts affecting over 24 million Americans aged 40 and older.

The company’s recent FDA approvals position it to capture a larger share of this lucrative market. The approved EMV and EMV Toric lenses, combined with the cleared Sophi Phaco surgical system, provide a comprehensive platform for U.S. ophthalmologists. The anticipated Q4 2026 launch of the Galaxy IOL could further strengthen Rayner’s competitive position in the premium lens segment.

Beyond North America, Rayner is pursuing expansion in high-growth markets across Asia and Latin America. These emerging markets are experiencing rapid increases in healthcare infrastructure investment, rising disposable incomes, and growing awareness about advanced vision correction options. In countries like India and China, government initiatives to eliminate cataract-related blindness are driving substantial increases in surgical volumes.

GBL’s Healthcare Investment Thesis

For GBL, the Rayner acquisition represents the continuation of a deliberate healthcare investment strategy that began with its entry into European diagnostic services. Michal Chalaczkiewicz, Investment Partner at GBL, articulated the strategic rationale: “After Affidea and Sanoptis, this marks GBL’s third investment in healthcare. With this premier MedTech business, we are investing in another quality platform, in an attractive segment with exciting growth opportunities.”

GBL’s healthcare portfolio demonstrates a clear focus on businesses with defensive characteristics, strong market positions, and exposure to long-term demographic trends. Affidea operates as the leading pan-European provider of advanced diagnostic and outpatient services, while Sanoptis has established itself as Europe’s second-largest ophthalmology services platform.

The Rayner investment aligns with GBL’s broader strategy of increasing exposure to private assets with attractive long-term return potential. As of September 2025, direct private assets represented approximately 24% of GBL’s portfolio, with healthcare platforms contributing significantly to the company’s net asset value growth.

Ian Gallienne, CEO of GBL, has emphasized the company’s focus on sectors benefiting from structural growth drivers including health awareness, technological innovation, and demographic shifts. The aging global population and increasing prevalence of age-related eye conditions position ophthalmology as an ideal sector for long-term value creation.

Manufacturing Excellence and Global Infrastructure

Rayner’s operational infrastructure provides a solid foundation for future growth. The company maintains state-of-the-art manufacturing facilities in three strategic locations: Worthing in the United Kingdom, Heerbrugg in Switzerland, and Sousel in Portugal. This geographic diversification provides supply chain resilience while enabling efficient service to key markets across Europe, the Americas, and Asia.

Under CVC’s ownership since 2021, Rayner has made substantial investments in research and development, manufacturing capacity, and quality systems. These investments have supported the company’s product innovation pipeline while ensuring compliance with stringent regulatory requirements across multiple jurisdictions including the U.S. FDA and European CE marking authorities.

The company’s acquisition strategy has also strengthened its product portfolio. Rayner acquired OMIDRIA™ to expand its surgical consumables offering in the United States and Europe, and purchased HASA Optix to add recyclable instruments to its portfolio. These acquisitions demonstrate a deliberate approach to building a comprehensive ophthalmic platform that serves surgeon and patient needs throughout the surgical journey.

Transaction Structure and Regulatory Path

The transaction structure reflects a carefully balanced approach to ownership and governance. GBL’s €500 million equity investment will provide the company with a 45% stake and co-control rights alongside CVC. The precise ownership split between CVC, GBL, and Rayner’s management team has not been publicly disclosed, but the co-control arrangement ensures both investment firms will have significant influence over strategic decision-making.

The transaction is expected to close in the second quarter of 2026, subject to customary closing conditions and receipt of required regulatory approvals. While the specific regulatory authorities reviewing the transaction have not been disclosed, major healthcare and medical device acquisitions typically require approval from competition authorities in key jurisdictions where the companies operate.

GBL was advised by an experienced team of advisors including Kirkland & Ellis and McDermott Will & Schulte for legal counsel, EY for financial due diligence, and Bain & Company for commercial and strategic assessment. CVC engaged Latham for legal advice, PwC for financial due diligence, and Boston Consulting Group for strategic analysis.

Implications for the Broader Ophthalmology Sector

The GBL-Rayner transaction signals growing investor confidence in the ophthalmology sector and may catalyze additional consolidation activity. The global intraocular lens market remains moderately fragmented, with established leaders including Alcon, Johnson & Johnson Vision, and Bausch + Lomb competing against specialized players like Rayner, Carl Zeiss Meditec, and STAAR Surgical.

The entrance of long-term strategic investors like GBL into the sector validates the attractive fundamentals driving ophthalmology growth. The combination of demographic tailwinds, technological innovation, and favorable reimbursement dynamics creates a compelling investment case that aligns with GBL’s patient capital approach and value creation philosophy.

For competitors and market participants, the transaction highlights the premium valuations achievable for companies with differentiated technology, strong clinical evidence, and clear pathways to market expansion. Rayner’s ability to attract €500 million in new equity capital reflects investor confidence in the company’s innovation pipeline and growth potential.

Looking Ahead: Integration and Growth Priorities

As the transaction moves toward completion, the combined leadership team of GBL, CVC, and Rayner management will focus on several key strategic priorities. Immediate objectives include successfully launching the Galaxy IOL in the United States following anticipated FDA approval, expanding market share for recently approved products including the EMV Toric lens and Sophi Phaco system, and continuing to invest in research and development to maintain Rayner’s innovation leadership.

Longer-term strategic goals likely include evaluating additional acquisition opportunities to expand the product portfolio and geographic footprint, investing in digital health and surgical planning tools to enhance the value proposition for surgeons, and building operational scale to support continued market share gains in high-growth regions.

The partnership between GBL and CVC brings complementary capabilities that should enhance Rayner’s ability to execute on these priorities. CVC’s operational expertise and healthcare sector knowledge will support near-term growth initiatives and market expansion efforts, while GBL’s patient capital and long-term investment horizon provide stability for multi-year strategic initiatives.

Conclusion

The €500 million investment by GBL in Rayner represents more than a simple financial transaction—it signals a strategic commitment to the ophthalmology sector at a time of significant opportunity. For Rayner, the partnership with GBL and CVC provides the capital, expertise, and strategic support needed to accelerate growth and capture increasing market share in the expanding global intraocular lens market.

For GBL, the investment demonstrates continued execution of its healthcare-focused strategy, adding a premier medical technology platform with strong innovation capabilities and exposure to favorable long-term demographic trends. The transaction strengthens GBL’s position as a leading European investor in healthcare while diversifying its exposure across diagnostic services, ophthalmology services, and now medical devices.

As the global population continues to age and demand for advanced vision correction solutions grows, companies like Rayner with proven innovation capabilities and strong market positions are well-positioned to deliver sustained growth and attractive returns for patient, long-term investors. The GBL-CVC-Rayner partnership creates a powerful platform to capitalize on these opportunities while advancing the company’s mission to improve vision and restore sight for millions of patients worldwide.

The transaction is expected to close in Q2 2026, subject to regulatory approvals, marking the beginning of a new chapter in Rayner’s 116-year history of ophthalmic innovation.

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By: Montel Kamau

Serrari Financial Analyst

10th February, 2026