GBL Acquires Joint Control Stake in Rayner for 500 Million Euros
Groupe Bruxelles Lambert (GBL) has completed the acquisition of a 45% stake in Rayner, a specialist in medical technologies for ophthalmology. This transaction, amounting to 500 million euros in equity, is part of the group's strategy to diversify into controlled or co-controlled assets.
Capital Entry Alongside CVC and Management
GBL finalized this Thursday the acquisition announced on February 9, 2026, of a 45% stake in Rayner alongside the CVC fund and the company's longstanding management team. The Belgian group injected 500 million euros in equity and obtained co-control rights with CVC over the British manufacturer of intraocular lenses and related products.
Rayner produces a comprehensive range of ophthalmological solutions (lenses, surgical instruments, devices, eye drops) aimed at restoring vision for patients undergoing cataract or refractive correction surgeries. Based in Sussex (Worthing), the company markets its products through direct sales forces and distributors in over 80 countries across six continents.
This transaction represents the first of three major investments announced by GBL for the year 2026. It marks a new entry of the group into the healthcare sector, identified as one of its five strategic priorities.
An Allocation in Line with Medium-Term Strategy
The operation aligns with the two strategic axes outlined by GBL during its strategic update in November 2024: investing in assets over which the group has control or co-control, and increasing the share of direct private assets within the portfolio.
GBL justifies its interest in the healthcare sector by favorable long-term demographic trends and solid growth prospects. The group also highlights the geographical and operational fragmentation of the sector, which offers ample opportunities for value creation through external growth operations.
Alongside the acquisition of Rayner, GBL announced in April 2026 the acquisition of a controlling stake in BUKO Group, a leading platform in temporary traffic management, and jointly announced on May 22, 2026, a voluntary cash tender offer for Recordati with CVC Capital Partners Fund IX. These two operations remain subject to customary regulatory approvals.
