Trilantic invests in Smile Eyes

Unquote sister publication Mergermarket reported in January 2021 that Smile Eyes was up for sale, advised by Careborne Group. The report noted that the company posted EBITDA of EUR 12m and EUR 30m in revenues in 2020, with an expected valuation of around 15x based on recent ophthalmology clinic deals in the German market.

Trilantic is deploying equity via Trilantic Capital Partners VI Europe and the deal marks the first investment from the vehicle. The fund deploys equity tickets of EUR 70m-120m and backs mid-market European companies in the consumer, industrials, TMT, healthcare and business services sectors, generally focusing on businesses generating EBITDA of at least €20m.

Trilantic said in a statement that it aims to pursue a buy-and-build strategy in the German ophthalmology market.

Other private-equity-backed German ophthalmology clinic chains include Ober Scharrer Group, which Nordic Capital acquired in 2018. In the small-cap space, Beyond Capital Partners and Kempen own a stake in ophthalmology and hearing clinic chain Ounda.

Trilantic's previous Germany-based healthcare investments include Oberberg Gruppe, a chain of mental health clinics.

Company
Munich-headquartered Smile Eyes is an ophthalmology clinic chain providing eye laser and lens surgery, and treatment for conditions including cataracts, retinal diseases and glaucoma, as well as aesthetic corrections. The company was founded by Rainer Wiltfang and Martin Bechmann in 2004 and has 12 clinics in Germany.

People
Trilantic Capital Partners – Henrik Bodenstab (partner).
Smile Eyes – Rainer Wiltfang, Martin Bechmann (founders, managing directors).

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• Topics
• Buyouts
• DACH
• Healthcare
• Germany
• Trilantic Capital Partners (previously LBMB)