Sanoptis is the second largest ophthalmology services provider in Europe with more than 300 facilities across Germany, Switzerland, Italy, Austria and Greece. 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 healthcare.

Portfolio value 09/30/2023
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
  • 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.

  • Board of Directors 3/5*
  • Audit Committee 1/3*
  • Remuneration Committee 2/3*