Sanoptis, a Swiss operator of eye clinics backed by Groupe Bruxelles Lambert (GBL) [EBR:GBLB], is seeking to raise EUR 200m-EUR 250m from its ongoing sale of a minority stake through the issuance of new shares, CEO Volker Wendel said.

The company has mandated Jefferies to advise on the process, Wendel said.

As reported by this news service last month, Sanoptis is looking to take on board additional investors via the capital increase.

It has some offers on the table and is confident that it will be able to close a deal early next year, i.e. in 1Q25, the CEO said.

Sanoptis is speaking to private equity funds and family offices, Wendel said. It has approached parties selectively, as it is looking for investors that understand the healthcare sector and Sanoptis’ strategy, he said.

The company seeks investors that will be willing to support it with further investments in the future, as it wants to ensure it has enough firepower for acquisitive growth in the long run, he said. GBL, which has backed the company since 2022, remains committed as an investor, and may take part in the ongoing fundraising, he added.

The proceeds will be used to finance further acquisitions, the CEO said. “We’ve been very active in M&A, and intend to be in the future”, he said.

Sanoptis is looking for acquisitions in its existing markets – Switzerland, Germany, Austria, Italy, Greece and Spain – and may also consider acquisitions in additional European markets, such as the UK and Poland. In the longer term, the company has the ambition to expand across the Atlantic, as reported last month.

So far, Sanoptis has acquired single ophthalmology clinics, with EBITDA of EUR 1m-EUR 8m. But it could also buy entrepreneurially run chains of clinics. MidEuropa-backed Optegra, which has been lined up for an exit with Houlihan Lokey advising, could be a good fit for Sanoptis, as reported.

Sanoptis predicts 2024 pro-forma revenue of EUR 650m, with EBITDA of EUR 190m, as reported last month.