POINT VISION
Acquired by
ARES / BPIFRANCE
POINT VISION acquired by ARES / BPIFRANCE
Target
POINT VISION
Acquirer
ARES / BPIFRANCE
Context
Ares Management acquired a majority stake in Point Vision following a highly competitive auction process (beating Adagia, Ramsay, and Elsan). Bpifrance joined as a minority shareholder alongside Ares and the three founders who reinvested. Abenex, which entered in 2014 and held the majority since 2019, fully exited. The financing was secured through a unitranche facility provided by Tikehau Capital. The strategy focuses on expanding territorial coverage (especially in Auvergne-Rhone-Alpes and Ile-de-France) and digitizing the patient journey.
POINT VISION, which reported an EBITDA margin of LOGIN in 2021, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN premium to the 13.4x average currently observed in the Healthcare & Pharma sector.
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Target
Point Vision is the leading operator of ophthalmology centers in France. Founded in 2012 by Dr. François Pelen, Patrice Pouts, and Raphael Schnitzer, the group was created to address a critical structural issue in the French healthcare system: the extreme shortage of ophthalmologists and the resulting excessive waiting times for appointments (often 3 to 6 months).
Ent. Value
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Equity Value
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Multiples Analysis
EV / Revenue
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EV / EBITDA
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EV / EBIT
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Historical Financials (EUR)
Other operations with POINT VISION
| Date | Acquirer | Target | Country | Sector | Deal Context |
|---|---|---|---|---|---|
| 01/2026 | POINT VISION | CLINIQUE DE LA VISION (REFRACT SAS) | FRANCE | Ophthalmology | Point Vision acquired a controlling stake in Refract SAS, the parent company of Clinique de la Vision. This acquisition allows Point Vision to integrate a leading refractive surgery capability into its vast consultation network. The target retains its identity and organization, but a medical advisory committee will be established to harmonize governance. This build-up follows the roadmap set by Ares Management (majority owner since 2021) to expand the group's medical offering. |
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