MidEuropa takes majority stake in Optegra

Rachel Lewis
29 November 2022

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CEE-focused sponsor MidEuropa has taken a majority stake in UK-based ophthalmology group Optegra, while previous owner H2 Equity retains a minority stake.

The buyer said in a statement that Optegra was well-positioned for organic growth within its current footprint and to expand into new geographies.

MidEuropa held a first close on its latest fund, MidEuropa V, in December 2018, and an undisclosed final close in early January 2020.

MidEuropa joined Partners Group, HIG and CapVest in bidding for the asset with bids tabled up to EUR 330m in an earlier round, as reported.

The process, which marketed Optegra off EUR 25m EBITDA, had reportedly been put on ice after tabled bids did not reach expectations, according to Unquote's sister publication Mergermarket.

H2 mandated Lincoln to explore an exit earlier in the year, just three years after it acquired the company via the 2016 vintage H2 Equity Partners Fund V.

The sponsor is reinvesting in the asset alongside management with the three parties looking to build out the pan-European platform, said MidEuropa in a statement.

MidEuropa's other healthcare assets include CEE hospitals Regina Maria and MediGroup, which it merged and moved to a continuation fund in 2021, and Polish diagnostic laboratory group Diagnostyka.

The transaction is expected to complete in the first half of 2023.

Company
Optegra is a European ophthalmology platform operating in Poland, Czech Republic, Slovakia and the UK. It offers a wide range of procedures including cataract, age-related macular degeneration (AMD), and vision correction for both public and private patients through 29 facilities.

Advisors
MidEuropa – Moelis (M&A); White & Case (legal); LEK (commercial); PwC (financial, tax and IT); and Houlihan Lokey (financing advisory).
H2 Equity Partners – Lincoln International (M&A); Eversheds Sutherland (legal); Mansfield Advisors (commercial); PwC (financial); Grant Thornton (tax); and Diligize (IT).