Sanoptis

Sanoptis operates in a large and resilient sector with steady annual growth driven by structural tailwinds:

• Ageing population increasing age-related ophthalmological conditions
• Proven resilience (as illustrated by limited Covid-19 impact) due to the non-discretionary and typically urgent nature of most treatments
• Healthcare consumerization leading to an increase in out-of-pocket payments (e.g., corrective laser surgeries, presbyopia correcting intraocular lenses)

Sanoptis is the #2 player in Europe (#1 in Germany) through its unique business model built on (i) partnerships with its doctors and (ii) a persistent focus on medical quality:

• The company targets active partnerships with leading doctors who remain shareholders of their clinics after joining the group, while preserving their entrepreneurial spirit and responsibility. This makes Sanoptis a preferred partner for both renowned and up-and-coming doctors wanting to sell a stake in their clinics and practices while benefiting from future growth, which enables the company to consistently outperform in M&A
• In its network, Sanoptis drives growth and efficiency through sharing best practices and implementing cutting-edge medical innovations through investments in systems, people and equipment

The company has significant upside potential through:

• Continuing consolidation of the German and Swiss markets and onboardings of newly-acquired activities in Italy, Austria and Greece
• Entering other European countries.

GBL’s investment in Sanoptis was carried out in partnership with the existing management team which has significantly reinvested in the new transaction.