CVC Capital Partners VIII has agreed to acquire a majority interest in Rayner, the global ophthalmology business from Phoenix Equity Partners, the UK growth-focused private equity firm, for an undisclosed amount.

Rayner is a manufacturer and developer of innovative intraocular lenses (IOLs) and associated pharmaceuticals. The Company’s products deliver sight-restorative implants and treatments to patients during cataract and refractive surgeries. Operating from their state-of-the-art headquarters in Worthing, UK, the Company, which developed the world’s first IOL in 1949, now makes these and other products available to patients in over 80 countries, through its subsidiaries and distribution networks, to improve the eyesight of more than 300,000 patients per year.

Cathrin Petty, Managing Partner and Global Head of Healthcare at CVC, comments: “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 turn into a global champion.”

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Source: Private Equity Wire