Profile

Rayner develops, manufactures and commercializes a full range of innovative ophthalmic surgical solutions (including implantable lenses, surgical instruments, machines, eye drops), that help restore sight in patients undergoing cataract and refractive surgeries. Headquartered in the UK, the company has a global presence, with sales in over 80 countries across 6 continents, and direct sales teams in 17 countries.

4%
Portfolio value 06/30/2026
Investment case

Rayner operates in a large, growing and resilient market: 

  • Growth is underpinned by multiple structural tailwinds: e.g., ageing population, increasing access to treatments, medical innovation 
  • Rayner products represent a strong value proposal (significantly improved quality of life at an affordable price) 
  • High barriers to entry from: (i) stringent regulatory requirements, (ii) high capital intensity, (iii) need for scale 

Rayner is a high-quality platform, well-positioned to capture further growth 

  • Successful challenger brand, with a strong and increasingly broad portfolio of products 
  • Solid innovation track record, starting in 1949 with the invention of the world’s first intraocular lens 
  • High-quality and well-invested manufacturing set-up 
  • Global reach, with a presence in 80+ countries and a direct commercial set-up in 17
  • Attractive financial profile, including strong topline growth 
  • Strong and experienced management team 

There is significant value creation optionality, including: 

  • Continued sector growth and market share gains due to (i) favorable mix and (ii) attractive flagship products (e.g., the innovative Galaxy lens) 
  • Further geographic penetration, including in the US from the roll-out of existing products 
  • New product approvals/launches 
  • M&A roll-up within existing and new geographies or product lines
  • Board of Directors 2/6*
  • Remuneration Committee 1/3*
  • Audit Committee 1/3*
* Number of GBL's representatives in statutory bodies in relation to the total number of members. Governance information is based on the most recently available information.
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