Stevens & Bolton’s corporate team has advised Clínica Baviera S.A. on the acquisition, by its subsidiary Castellana Intermediación Sanitaria, S.L., of Eye Hospitals Group Limited and its subsidiaries, trading as Optimax.
Optimax, founded more than 30 years ago, currently has 19 clinics located in the UK from where it offers refractive surgery services and other ophthalmological specialties, through a team of more than 130 people, with a turnover in 2023 of around €17m. The acquisition of Optimax provides Clínica Baviera with entry into the UK, a key territory which, together with Spain, Germany and Italy, continues to consolidate Clínica Baviera's strategic growth plan.
The amount agreed for the acquisition of Optimax amounts to approximately €11.7m, together with an earn out based on Optimax’s EBITDA over the next five years, estimated to be in the range between €3m and €11m.
Felipe Antonucci, Corporate Development and IR Director at Clínica Baviera, commented “It is a great opportunity for Clínica Baviera to enter into the UK to continue offering the benefits that refractive surgery can bring to our patients as we are also currently doing in Spain, Germany and Italy. This transaction would have been much more difficult without the great support and commitment of the Stevens & Bolton team who have accompanied us from the initial analysis to closing of the transaction”
Nick Atkins of Stevens & Bolton commented “It has been a pleasure working with the Clínica Baviera team in completing its acquisition of Optimax as part of its strategic plan. It has been exciting to work with Clínica Baviera on its entry into the UK market, and we look forward to seeing the group grow and develop over the coming years.”
The Stevens & Bolton team was led by corporate partner Nick Atkins with support from corporate associate Natasha Dean and corporate trainee Ella Whelan and included a multi-disciplinary team across the firm’s real estate, corporate tax, commercial, regulatory, finance and restructuring, employment and pensions teams. Carlac Capital and Gambit Corporate Finance provided corporate finance advice to Clínica Baviera, Grant Thornton advised on financial and tax due diligence and Sutton Consulting provided real estate advice. RIAA Barker Gillette advised the majority seller.
Nick Atkins