Beaver-Visitec International (BVI) has agreed to acquire Belgium-based ophthalmic firm PhysIOL Group for an undisclosed sum.
PhysIOL is engaged in the research, development, and manufacturing of intraocular lenses (IOLs) and ophthalmic surgical equipment.
BVI, which is backed by TPG Capital in the current deal, is acquiring PhysIOL from TA Associates to expand its product solutions and establish as a fully-integrated, technology-enabled ophthalmic player.
BVI president and CEO Dana Mead Jr said: “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 was established in 1986 at the University of Liège. PhysIOL’s portfolio is comprised of diverse lenses ranging from traditional monofocal to premium trifocal.
Available in over 60 countries across the world, PhysIOL produces and markets its products through its Italian subsidiary Optikon for cataract and refractive surgery.
The company also supplies a suite of related ophthalmic products such as phaco equipment and surgery consumables, in addition to IOLs.
The deal is expected to be completed in the first quarter of 2019. Once the deal concludes, PhysIOL CEO Marc Nolet will join BVI’s board and continue his leadership role at the company.
PhysIOL CEO Marc Nolet said: “BVI’s high-quality products, strategic vision, and commitment to service make the company an ideal partner for 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.”
Based in Waltham of Massachusetts, BVI is engaged in the development, manufacturing and marketing of ophthalmic and other specialty microsurgical products.
With distribution activities in more than 90 countries, the firm provides products and services for all conditions of ophthalmic surgery, including cataract, refractive, oculoplastic, and vitreoretinal sub-specialties.