Friday, December 21, 2018
BVI, a leading developer, manufacturer, and marketer of specialized surgical devices and custom procedure packs for the ophthalmic marketplace, announced today it has signed a definitive agreement to acquire PhysIOL Group SA (PhysIOL), a Belgium-based ophthalmic company specializing in the research, development, and manufacture of intraocular lenses (IOLs), from TA Associates. The transaction, which was backed by TPG Capital, will allow BVI to expand its portfolio, furthering the company’s transformation into a fully-integrated, technology-enabled ophthalmic player.
PhysIOL’s CEO Marc Nolet will continue his leadership role at the company and join BVI’s board upon closing of the transaction. The transaction is expected to close in the first quarter of 2019. Financial terms of the transaction were not disclosed.
“The demand for premium IOLs that provide optimal vision post-cataract has surged in recent years, driving significant growth and expansion in the market,” said Dana G. Mead Jr., President and CEO of BVI. “PhysIOL’s innovative, high-quality product portfolio provides BVI with a strong and strategic entry point into this critical, high-growth segment. The addition of PhysIOL marks an important step in BVI’s transformation into a comprehensive ophthalmic platform focused on providing unique solutions to our customers. We are thrilled to welcome Marc and his talented team to BVI.”
“PhysIOL’s broad product offering, scale, and strong footprint across a wide range of geographies make the company a strong strategic fit for BVI,” said Jeff Rhodes, Partner at TPG Capital. “Building on its acquisitions of Malosa Medical and Vitreq, the combination will enable BVI to offer a more inclusive, innovative set of technologies and products for ophthalmic procedures. We are excited by the complementary capabilities this transaction brings together and look forward to working with Dana and Marc as BVI and PhysIOL continue to grow and expand their combined platform.”
Founded in 1986 at the University of Liège, PhysIOL offers a broad portfolio of innovative IOLs for cataract treatment. The company’s portfolio covers the full range of lenses, from traditional monofocal to premium trifocal, a market which PhysIOL pioneered in 2011. In addition to IOLs, PhysIOL offers a suite of related ophthalmic products, including phaco equipment and surgery consumables. The company’s high-quality products are used by surgeons in more than 60 countries across the globe.
“BVI’s high-quality products, strategic vision, and commitment to service make the company an ideal partner for PhysIOL,” said Marc Nolet, CEO of PhysIOL. “The combined entity will offer a unique portfolio of ophthalmic products, enabling us to deliver market-leading technologies to more surgeons and patients across the globe. We look forward to working with BVI and TPG to build and scale the combined platform.”
Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, RBC Capital Markets, and William Blair acted as financial advisors to BVI and TPG, and Ropes & Gray LLP served as legal counsel. Jefferies International Ltd., served as financial advisor to PhysIOL and Baker McKenzie served as legal counsel.
