Secondary Buyout • Medical Products

CVC Capital Partners Acquires Rayner

On June 28, 2021, private equity firm CVC Capital Partners acquired medical products company Rayner from Phoenix Equity Partners

Acquisition Context
  • This is CVC Capital Partners’ 4th transaction in the Medical Products sector.
  • This is CVC Capital Partners’ 54th transaction in the United Kingdom.

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M&A Deal Summary

Date June 28, 2021
Target Rayner
Sector Medical Products
Buyer(s) CVC Capital Partners
Sellers(s) Phoenix Equity Partners
Deal Type Secondary Buyout

Target Company

Rayner

Worthing, United Kingdom
Rayner is a developer and manufacturer of ophthalmic implants and pharmaceuticals. It specialises in intra-ocular lenses (IOLs) and related products used in cataract and refractive surgery, the most commonly performed surgical procedure globally, with more than 24 million performed each year. Rayner was established in 1910 and is based in Worthing, United Kingdom.
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Buyer Overview 1

Buyer

CVC Capital Partners

Luxembourg, Luxembourg

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1981
PE ASSETS 177.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

CVC Capital Partners is a global private equity firm focused on investments in large companies located in Europe, North America, and Asia. CVC looks for opportunities with stable cash flows and talented management, and will consider businesses in a variety of industries. Target sectors include textiles, industrial products, waste management, building materials, energy/utilities, business services, financial services, distribution, healthcare, media, semiconductors, and gaming. CVC can handle transactions valued from €200 million to €10 billion. CVC Capital Partners was formed in 1981 and is based in Luxembourg.


Deal Context for Buyer #
Overall 282 of 329
Sector: Medical Products 4 of 6
Type: Secondary Buyout 65 of 78
Country: United Kingdom 54 of 61
Year: 2021 18 of 35
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-23 Pasubio

Arzignano, Italy

Pasubio is a provider of premium leather for the automotive industry. The company's activities include raw hides selection, tanning, finishing and crafting. Its clients include Jaguar Land Rover Group, Volkswagen Group (Porsche, Lamborghini, Bentley and Skoda), FCA Group (Maserati and Alfa Romeo), BMW and PSA. Pasubio was founded in 1955 and is based in Arzignano, Italy.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-12 Aleph Holding

Dubai, United Arab Emirates

Aleph Holding is a provider of digital advertising sales for the leading digital media platforms - such as Twitter, Facebook, LinkedIn, Snapchat, Twitch and TikTok amongst others - giving access to new and under-served markets, while providing a complete suite of services that help advertisers maximise the value of their digital marketing investments. Aleph Holding was founded in 2020 and is based in Dubai, United Arab Emirates.

Buy -

Seller Profile 1

SELLER

Phoenix Equity Partners

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2001
PE ASSETS 1.5B GBP
Size Large
Type Sector Agnostic
DESCRIPTION

Phoenix Equity Partners is a mid-market private equity firm that funds management buyouts and buy-ins, and provides expansion capital for UK-based companies. Phoenix looks for opportunities valued up to £200 million. Target sectors include consumer, leisure, retail, financial services, healthcare, education, media, transportation/logistics, and business services. Phoenix Equity Partners was formed in 2001 and is based in London.


Deal Context for Seller #
Overall 39 of 45
Sector: Medical Products 1 of 1
Type: Secondary Buyout 20 of 22
Country: United Kingdom 37 of 43
Year: 2021 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-03 Partou

Manchester, United Kingdom

Partou operates a group of day nurseries providing outstanding care to children up to five years old in high-quality settings. Partou was established in 1998 and is based in Manchester, United Kingdom.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-29 Sygnature Discovery

Nottingham, United Kingdom

Sygnature Discovery is a provider of outsourced drug discovery services to the UK and overseas biotech and pharma companies. Sygnature provides integrated drug discovery and preclinical services to clients across eight key therapeutic areas, including oncology, neuroscience, and inflammation & immunology, and has an outstanding track record of scientific excellence. Sygnature Discovery was founded in 2004 and is based in Nottingham, United Kingdom.

Sell -