BVI Agrees to Acquire PhysIOL Group in Move to Expand Product Portfolio

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WALTHAM, Mass.—BVI (Beaver-Visitec International), a developer, manufacturer and marketer of specialized surgical devices and custom procedure packs for the ophthalmic marketplace, has signed a definitive agreement to acquire PhysIOL Group SA (PhysIOL), a Belgium-based ophthalmic company, according to an announcement late last week. PhysIOL, which specializes in the research, development and manufacture of intraocular lenses (IOLs), is a portfolio company of TA Associates, a global private equity firm. The deal, which was backed by TPG Capital, marks the third addition to BVI’s platform, and follows the acquisitions of Malosa Medical and Vitreq, according to the announcement.

The deal also allows BVI to expand its portfolio, furthering the company’s transformation into a fully-integrated, technology-enabled ophthalmic player, the announcement noted. 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,” Dana G. Mead Jr., president and chief executive of BVI, said in the announcement.

“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 [Nolet] and his talented team to BVI.”

Nolet, PhysIOL’s chief executive, said that BVI, with its portfolio of high-quality products, strategic vision and commitment to service make it “an ideal partner for PhysIOL.” (Nolet will continue his leadership role at the company and join BVI’s board upon closing of the transaction.)

He added, “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.”

Founded in 1986 at the University of Liege, PhysIOL offers a broad portfolio of innovative IOLs for cataract treatment, the announcement noted. 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.