Sanoptis is the second largest ophthalmology services provider in Europe with over 250 facilities across its core markets: Germany and Switzerland. 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.

Investment case

Sanoptis is well positioned in a large and resilient market with steady annual growth driven by structural tailwinds:

  • Ageing population increasing age-related ophthalmological conditions;
  • Proven resilience (as illustrated by limited Covid 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, eyesight correcting cataract lenses).

Sanoptis has a unique business model built on partnerships with its doctors and on 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 drive and autonomy;
  • In its network, Sanoptis drives growth through sharing best practices and implementing cutting-edge medical innovations through investments in people and equipment.

This differentiated model makes Sanoptis a preferred partner for doctors wanting to sell a stake in their clinics and practices, allowing the company to consistently outperform in M&A, while improving overall group efficiency. Sanoptis has become a leader in its core markets with strong additional growth potential through entry into new European geographies.

GBL’s investment in Sanoptis was carried out in partnership with the existing management team, which includes the founders of the business. The management team has significantly reinvested in the new transaction.

  • Board of Directors 3/4*