Sanoptis is the second largest ophthalmology services provider in Europe with more than 400 locations across Germany, Switzerland, Italy, Austria, Greece and Spain. The company offers both conservative ophthalmology consultations as well as surgical treatments including cataract surgeries, intravitreal operative medicine injections (“IVOM”), corrective laser surgeries and retina surgeries, while adhering to the highest standards of quality in healthcare.

Portfolio value 12/31/2023
Investment case

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

  • Ageing population increasing age-related ophthalmological conditions
  • Resilience resulting from 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 and Switzerland) through its unique business model built on (i) partnerships with its doctors and (ii) a persistent focus on medical quality:

  • Sanoptis targets active partnerships with leading doctors who, after joining the group, remain shareholders of their clinics, thus 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 also benefitting from future growth. This enables the company to consistently outperform in M&A
  • The company drives growth and efficiency by sharing best practices and implementing cutting-edge medical innovations through investments in systems, people and equipment

The company has significant upside potential thanks to:

  • Continued consolidation of its core markets
  • Onboarding of newly-acquired activities in Italy, Austria, Greece and Spain
  • New treatments and higher efficiency through medical and technological innovations
  • A skilled management team who significantly reinvested alongside GBL
  • Board of Directors 3/5*
  • Audit Committee 1/2*
  • Remuneration Committee 2/3*