GBL bags second healthcare asset this week with SBO of Sanoptis


Belgian investor Groupe Bruxelles Lambert (GBL) has acquired DACH ophthalmology clinics company Sanoptis from Telemos Capital.

The incumbent sponsor is fully exiting the asset, according to a spokesperson, despite earlier reports that Telemos wanted to remain a minority shareholder.

GBL competed alongside ICG and Ares Management in the second round of bids, as reported by Unquote‘s sister publication Mergermarket.

The new owner will invest up to EUR 750m in equity in the transaction and existing management will increase its stake in the company, according to a press release.

The deal follows GBL’s acquisition of a majority stake in pan-European outpatient group Affidea, announced yesterday.

Sanoptis has been expected to sell for 15x EBITDA, a similar price tag to that of rival Veonet, which was acquired by PAI and OTPP in November.

The asset was marketed off around EUR 100m EBITDA in an auction process managed by Rothschild. It had over EUR 300m revenue in 2021 with 250 ophthalmology clinics across Germany and Switzerland. 

The investment bank had invited a handful of investors to submit bids on the asset at the end of March, as reported. BC Partners and Partners Group had been expected to take part in the earlier round. 

GBL said it will continue to grow the group organically and through acquisitions.

Advisors 

GBL – Goldman Sachs (M&A); Bain & Company (commercial), EY (finance and tax) and Kirkland & Ellis (legal).

Telemos – Rothschild & Co (M&A), Linklaters, Mazars and Homburger (legal), EY (financial and tax), and Bain & Co (commercial).



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