Phoenix Equity Partners, a leading UK middle-market private equity firm, has invested in Rayner Surgical Group alongside the current management team, led by CEO Tim Clover, and a number of the Company’s existing shareholders. The deal is Phoenix’s second from its new 2016 Fund and will provide Rayner with additional investment to spur the Company’s continued growth.
Rayner is a leading developer, manufacturer and supplier of ophthalmic implants and pharmaceuticals. It specialises in intra-ocular lenses (IOLs) and related products used in cataract and refractive surgery, the most commonly performed surgical procedures globally, with more than 24 million performed each year. In 1949, Rayner manufactured the world’s first IOL and today sells to over 80 countries worldwide. Phoenix will work with Rayner’s management to accelerate the development of a number of new products, further enhance the Company’s new state of the art production facility in Worthing and strengthen the Company’s international reach.
Tim Clover, CEO, commented:
“This was a complex and important transaction for Rayner, which will enable us to develop and launch new technologies, contributing to improvements in visual outcomes for surgeons and patients worldwide. Jenny, Tom and the team at Stevens & Bolton managed the investment process with legal and commercial insight, good humour, patience and diligence and guided us through it to an excellent result. We look forward to working with them again”.
The Stevens & Bolton team was led by corporate partner Jenny Robertson and included Thomas West (corporate), Sarah Balchin (corporate tax), Shaun Hogan (employment), Tom Collins (intellectual property), Gabrielle Holgate (pensions), Beverley Flynn (commercial), and Howard Lupton (real estate).
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