CVC Capital Partners is selling a co-controlling minority stake in eye care company Rayner to Belgian investment firm Groupe Bruxelles Lambert (GBL). The deal values GBL’s equity investment at €500 million, marking one of the larger European private equity transactions this year. Terms allow both firms shared governance while CVC maintains majority ownership.

This partial exit follows CVC’s 2017 acquisition of Rayner, which specializes in intraocular lenses and surgical equipment. The move lets CVC monetize part of its investment while retaining exposure to Rayner’s growth in the $4.6 billion global cataract surgery market. GBL gains entry to a sector with aging population tailwinds.

Deal activity in European healthcare remains robust as firms seek stable returns. The structure mirrors recent private equity co-control deals, balancing liquidity needs with long-term upside capture. For Rayner, the capital infusion could fund R&D and emerging market expansion.

Quick Fact: GBL agreed to invest €500 million of equity in Rayner.