Phoenix invests in Rayner

Financial details of the transaction remain undisclosed, though Phoenix typically invests in companies with enterprise values of between £30-150m.

Under its new ownership structure, Rayner will look to expand internationally, increase its range of products and invest in its new production facility in Worthing. In October 2016, the company acquired Moorfields Pharmaceuticals from Moorfields Eye Hospital NHS Foundation Trust in order to launch an ophthalmic pharmaceuticals division and support its European growth plans.

The deal marks the second investment from Phoenix's 2016 fund, which is targeting £500m and held a first close on £250m in March 2016.

According to publicly available documents, Phoenix investment director Matthew Norrington and partner Kevin Keck have taken a seat on the board at Rayner as part of the transaction.

A spokesperson for Phoenix declined to comment further on the deal.

Company
Founded in 1910 and headquartered in Worthing, West Sussex, Rayner produces intra-ocular lenses and related products primarily used in cataract and refractive surgery. It has clients in around 80 countries and generated a turnover of £22.5m in 2015 with profits before tax of £2m, according to publicly available records.

People
Phoenix Equity Partners – Kevin Keck (partner).
Rayner Surgical Group – Tim Clover (CEO).

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