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Dev-Bank Wales MBO
2 July 2024

Eye Clinic Group Acquired in €22.75m Cross-Border Deal


A Spanish advanced ophthalmology business has completed the €22.75 million acquisition of a UK-based eye surgery firm.

The move sees Clínica Baviera, a Madrid Stock Exchange listed company, take on Eye Hospitals Group Limited and subsidiaries.

Eye Hospitals Group operates under the dual brands of Optimax and Ultralase nationwide, including a clinic in Cardiff. It offers specialised vision correction services, addressing conditions such as short-sightedness, long-sightedness, astigmatism and presbyopia.

The initial consideration amounts to around €11.75 million plus a conditional deferred variable earnout which has been estimated to be up to €11 million.

Optimax was founded more than 30 years ago and has 19 clinics in key cities throughout the UK. It employs more than 130 people and has a turnover of around €17 million.

Gambit Corporate Finance advised Clínica Baviera, which has a market cap in excess of €400 million as at 27 June 2024, on this strategic cross-border acquisition, which adds the UK to the firm’s existing operations in Spain, Germany and Italy.

Gambit Corporate Finance, led by Partners Frank Holmes and Sam Forman, assisted with the negotiation of the deal value, structure and transaction process.

Eduardo Baviera, Co-founder and CEO of Clínica Baviera, said:

“We are excited to be entering the UK market in order to continue with Clínica Baviera’s strategic growth plans. The Optimax brand is well respected and the pioneer of laser eye surgery in the UK. I would like to thank Gambit Corporate Finance for its support in executing and managing the cross-border transaction.”

Frank Holmes said:

“It has been a pleasure to work with the Clínica Baviera team and assist it in accessing the UK ophthalmic market via this strategic acquisition, which will serve as the platform for future growth and geographic expansion. Our ability to engage across borders has become a key attraction for clients entering the UK or in the opposite direction, selling and acquiring companies overseas.”

Sam Forman added:

“This is an important strategic acquisition for Clínica Baviera and adds to its existing market-leading positions in Spain, Germany and Italy. As part of CFI (Corporate Finance International), this acquisition demonstrates the value Gambit can add in accessing targets and buyers on a global basis.”



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