Moonray Healthcare acquires Lexum

Moonray Healthcare today announced the acquisition of Lexum – the market leading provider of ophthalmology in Czech Republic and Poland. The deal will see a phased transfer of ownership from current investors ARX Equity Partners and founder Professor Martin Filipec, who will remain with the group. Lexum operates 10 hospitals across Central Europe including the European Eye Centre, a new 2,500m2 flagship eye hospital in Prague. Moonray Healthcare intends to combine the group with Optegra®, it’s UK based eye hospital group which operates 11 specialist hospitals across England and Germany. Together the group will annually perform more than 40,000 surgical procedures and be one of the world’s largest providers of ophthalmology.

Moonray Healthcare and Optegra CEO, Tim Clover commented that Lexum provided Optegra with a high quality growth platform in an exciting region. “We see lots of similarities between the two groups in terms of quality, innovation and strategy which means that for patients, doctors and employees this marriage makes perfect sense. We hope to exchange the great ideas that we have seen in due diligence between the two companies and further improve patient care and business performance. This investment in Lexum is the latest stage of a significant expansion plan which will continue in further regions.“

Professor Martin Filipec who founded Lexum and continues as Chief Medical Officer commented “Optegra and Lexum both deliver a broad range of premium care in ophthalmology from CLARIVU™, cataract and vitreoretinal surgery, laser refractive surgery, corneal transplants, strabism and oculoplastics surgery. Both companies are professionally driven with prominent doctor engagement and strong external links to ophthalmic research and development. I believe that the combined company will be able to contribute to real innovation in eye care and also act as a partner to the medical device industry in the further development and adoption of the latest technology, which will bring real benefits to patients.” Professor Filipec went on to thank ARX Equity Partners for its support in building Lexum across both Czech Republic and Poland.

Financial details of the transaction were not disclosed.

Moonray Healthcare was advised by KPMG and DLA Piper. ARX Equity Partners and Martin Filipec were advised by White & Case.

About Optegra

Optegra is a specialist provider of ophthalmic services in the UK and Germany. Optegra operates six UK eye hospitals in London, Surrey, Birmingham, Solent, Yorkshire and Manchester and five German eye centres in Kreuzberg in Berlin, Prenzlauer Berg in Berlin, Magdeburg, Krefeld and Aachen. The combined group is supported by over 60 consultant level ophthalmic surgeons. Optegra’s areas of expertise are: laser eye surgery, Clarivu™ (Optegra’s refractive Lens Exchange) cataracts, glaucoma, retinal disease, age-related macular degeneration (AMD) and cosmetic eye surgery. A key area of competency for Optegra is Clarivu, for the correction of Presbyopia which is a procedure during which the existing lens – which hardens over time – is replaced with a new lens that is precisely customised to the individual’s requirements. Clarivu can correct both long and short-sightedness and prevents or eliminates cataract in one proven and permanent procedure, even if you’ve got astigmatism. Optegra Eye Sciences is a not-for-profit research division of the organization which is committed to championing innovations in eye care by partnering with surgeons, industry and researchers at leading Universities

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About Lexum

Lexum is a provider of general ophthalmology and refractive surgery through ten hospitals in the Czech Republic (Prague, Ceske Budejovice, Ostrava, Brno and Tabor) and Poland (Poznan, Krakow, Szczecin, Warsaw and Wroclaw). Working with over 40 surgical ophthalmologists, the business offers a full range of surgical expertise including cataract, glaucoma, retinal, corneal, AMD and cosmetic eye surgery. In 2012, Lexum crossed a historical milestone by performing its 150,000th surgery.

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About ARX Equity Partners

ARX Equity Partners is a Central and Eastern European focused private equity firm. ARX operates from offices in Bucharest, Budapest, Prague and Warsaw and its investor base is comprised of institutional investors. The ARX family of funds is organized to make equity investments in Central and Eastern European countries, with a focus on later stage investments such as expansion financing, management buy-outs and buy-ins and industry consolidation transactions.

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About Moonray Healthcare

Moonray Healthcare is a buy and build investment company specialising in healthcare and medical sciences. Its aim is to focus on identifying organisations with great potential, operating in markets which offer long term growth, to create global businesses with sustainable profits. With a rare combination of debt-free growth capital, management expertise and a global network, Moonray Healthcare’s investment objectives are long term, allowing business planning to incorporate high quality value drivers such as R&D, scientific advancement and building of new market segments or territories.

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