Groupe Bruxelles Lambert (“GBL”) has signed definitive agreements to acquire a majority stake in Sanoptis,
a leading network of ophthalmology clinics across Germany and Switzerland, from Telemos Capital (“Telemos”). GBL
is committing up to EUR 750 million in equity for this transaction. As part of the transaction, the incumbent
management will increase its stake in the company by way of a substantial reinvestment. GBL and management plan
to continue together the impressive growth story of Sanoptis, both in existing markets as well as in new, attractive
European geographies.
Founded in 2018, Sanoptis has rapidly grown to become the second largest European ophthalmology services provider
with over 250 facilities, serving both publicly and privately insured patients. For GBL and management, the ambition
will be to continue Sanoptis’ growth organically and through acquisitions. The company will remain focused on
adhering to the highest quality standards while delivering essential medical services of the highest grade to the
German and Swiss population in partnership with local regulators and payors. Further growth will increase the depth
and breadth of these high-quality services.
Sanoptis has a unique business model; it targets active partnerships with leading surgeons who remain shareholders
in their clinics after joining the Sanoptis group. Within its network, Sanoptis drives growth by: (i) sharing medical and
other best practices while preserving the doctors’ autonomy and (ii) implementing cutting-edge medical innovations
while investing in top-notch equipment. GBL strongly believes in this partnership model and envisions to further
grow Sanoptis along the same strategy.
This transaction marks GBL’s second consecutive private investment in the healthcare sector in 2022. Healthcare is one
of GBL’s four focus investment sectors, along with consumer experience, technology and sustainability. The Sanoptis
transaction also corresponds to GBL’s ambition to increase the representation of controlled private and alternative
assets within its portfolio. The group’s long-term objective is that private and alternative investments account for
approximately 40% of its portfolio (versus 25% as of end 2021).
Ian Gallienne, CEO of GBL, commented: “As a private asset in the highly-attractive healthcare sector, Sanoptis is an excellent
fit with our investment strategy. Together with management, we look forward to further solidifying Sanoptis’ leadership positions
in its core markets as well as expanding into other European countries.”
Michal Chalaczkiewicz, GBL Investment Partner, added: “Sanoptis is at the forefront of the ophthalmology field, which is
supported by long-term, resilient growth, underpinned by secular trends. We believe Sanoptis’ unique partnership model with
doctors is its most important asset, which will support the continuation of its impressive growth trajectory.”
Jens Riedl, GBL Investment Partner responsible for the DACH region, stated: “After our acquisition of Canyon,
the fast-growing direct-to-consumer manufacturer and seller of premium bicycles, Sanoptis is our second private investment in
DACH, where we have the opportunity to team up with an exceptional team of entrepreneurs.”
For Volker Wendel, Founder and CEO of Sanoptis: “We are excited to continue our success story with a strong and
sustainable partner who fully supports our doctor-oriented culture and entrepreneurial strategy. Continuing business in the same
way as we did in the last four years, we see a lot of potential for future growth in DACH and other European countries. That’s
why management remains fully committed and will substantially increase its stake in the company.”
GBL has been advised by Goldman Sachs, Bain & Company, EY and Kirkland & Ellis.
Delivering meaningful growth
Privileged and regulated information – April 20, 2022 // Page 2 / 2 // For more information: www.gbl.be
The transaction is expected to be completed in the second quarter of 2022.
For more information, please contact:
Xavier Likin Alison Donohoe
Chief Financial Officer Head of Investor Relations
Tel: +32 2 289 17 72 Tel: +32 2 289 17 64
xlikin@gbl.be adonohoe@gbl.be
About Sanoptis
Sanoptis is a leading German and Swiss ophthalmology services provider with approximately EUR 300 million of
revenue in 2021. Founded in 2018 by CEO Volker Wendel and CDO Carsten Horn, Sanoptis has rapidly grown to
become a leading European ophthalmology services provider, with over 250 facilities across Germany and
Switzerland, serving both publicly and privately insured patients. The company offers both conservative
ophthalmology consultations and surgical treatments including cataract surgeries, intravitreal operative medicine
injections (IVOM), laser eye surgeries and retina surgeries. Sanoptis performs over 1.3 million consultations and
170,000 surgical procedures annually, while adhering to the highest standards of healthcare through its leading
doctor base and thorough quality management.
About Telemos Capital
Telemos comprises a team of highly experienced investment professionals that combine the best of private equity
and permanent capital. Founded in 2017, Telemos identifies and supports exceptional management teams in
consumer goods, healthcare services, and business services to help them realise their long-term objectives. As a
flexible and nimble investor, Telemos’ distinct structure and expertise make it a leading, new generation European
private equity firm, looking to identify and unlock attractive opportunities for growth and value creation.
About Groupe Bruxelles Lambert
Groupe Bruxelles Lambert (“GBL”) is an established investment holding company, with over sixty years of stock
exchange listing, a net asset value of EUR 22.5 billion and a market capitalization of EUR 15.3 billion at the end of
December 2021. GBL is a leading investor in Europe, focused on long-term value creation and relying on a stable and
supportive family shareholder base. GBL is both a responsible company and investor and perceives ESG factors as
being inextricably linked to value creation.
GBL strives to maintain a diversified high-quality portfolio of listed and private assets as well as alternative
investments (through Sienna Investment Managers, the group’s alternative investment platform), composed of
international companies that are leaders in their sectors, to which it can contribute to value creation by being an
active, supportive and professional investor.
GBL is focused on delivering meaningful growth by providing attractive returns to its shareholders through a
combination of growth in its net asset value, a sustainable dividend and share buybacks.
GBL is listed on the Euronext Brussels stock exchange (Ticker: GBLB BB; ISIN code: BE0003797140) and is included
in the BEL20 index
