H2 Equity's Optegra sale advances to second round

Rival bidders Ares Management and GBL, owner of the German-headquartered group Sanoptis, failed to make the cut, the sources added.

Non-binding offers came in at up to GBP 330m, both sources said. The bids imply a multiple above 15x EBITDA given that, according to both the sources, the turn-around story is on track to make around GBP 20m EBITDA this year and is budgeting high-20s EBITDA next year.

H2 appointed Lincoln International to run a process for the group earlier in the year, as reported.

Optegra has operations in the UK, Czech Republic and Poland, where it is branded as Lexum. It specializes in cataract treatments and laser eye surgery and has been gravitating towards treatments for macular degeneration and glaucoma, as reported.

Private equity sales of ophthalmology providers have enjoyed mixed fortunes recently. Earlier this month, Montagu pulled the sale of German ophthalmology platform Artemis after not reaching its valuation expectations, as reported.

Optegra is benefitting from the UK NHS outsourcing more and more cataract procedures.

Partners Group, CapVest, Ares and GBL declined to comment. H2 Equity, Lincoln International and MidEuropa did not respond to a request for comment.

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• Topics
• Exits
• Buyouts
• Healthcare
• UK / Ireland
• United Kingdom
• H2 Equity Partners
• CapVest Equity Partners
• Partners Group
• Lincoln International
• Mid Europa Partners