VISTA VISION acquired by ARDIAN
Context
Ardian Expansion acquired a majority stake in Vista Vision from its founders and Credem Private Equity. The transaction marks a new strategic phase for the group, following a period of rapid expansion where revenues tripled under Credem's tenure. The founders reinvested significantly alongside Ardian to remain minority shareholders and lead the next growth cycle. The strategic roadmap focuses on aggressive buy-and-build activity in the highly fragmented Italian market—with eight acquisitions already in the pipeline—and international expansion across Romania and other European countries. The deal highlights the "social infrastructure" appeal of specialized healthcare services driven by increasing demand for elective surgeries and advanced ophthalmic care.
VISTA VISION, which reported an EBITDA margin of [members only] in 2023, is valued in this transaction at an EV/EBITDA multiple of Above 20x, representing a premium to the average currently observed in the Healthcare & Pharma sector (14.3x).
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Target
Founded in 2003, Vista Vision is a leading Italian provider of high-quality ophthalmic and refractive surgery services. The network specializes in laser correction (myopia) and cataract surgery, operating 12 clinics in Italy and 5 in Romania. The company functions as a premium platform for top ophthalmologists, providing them with state-of-the-art operating rooms, cutting-edge medical equipment, and highly qualified medical staff.
Ent. Value
€100–350M
Equity Value
[members only]
Multiples
EV / Revenue
2x–6x
EV / EBITDA
Above 20x
EV / EBIT
[members only]
Historical Financials (EUR)
Similar deals in Health Providers
Similar deals in Health Providers
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 11/2024 | GROUPE IMAGERIE CARDINET | RADIOLOGIE PARIS OUEST | FRANCE | Radiology |
| 11/2024 | WELLTOWER | CARE UK | UNITED KINGDOM | Nursing Homes |
| 10/2024 | QUALIUM | IMPC (IMAGERIE MEDICALE PARIS CENTRE) | FRANCE | Radiology |
| 10/2024 | MONTEFIORE INVESTMENT | DEMENEGO | ITALY | Ophthalmology |
| 08/2024 | ORLANDO HEALTH | BROOKWOOD BAPTIST HEALTH SERVICES | UNITED STATES | Clinics / Hospitals |
| 06/2024 | INTEGRAL DIAGNOSTICS LIMITED | CAPITOL HEALTH LIMITED | AUSTRALIA | Radiology |
| 06/2024 | L-GAM / CAPZA / IDIA CAPITAL INVESTISSEMENT | PSV GROUP | FRANCE | Radiology |
| 01/2024 | ARDIAN / BPIFRANCE / MACSF | APRIUM PHARMACIE | FRANCE | Pharmacy |
| 12/2023 | ANDERA PARTNERS | GROUPE IMAGERIE CARDINET | FRANCE | Radiology |
| 12/2023 | ESSLING CAPITAL | X-RAY PHOCEA | FRANCE | Radiology |
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|---|---|---|---|---|
| 07/2026 | ARDIAN | Munich Electrification | GERMANY | Batteries & EV Tech |
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| 01/2026 | ARDIAN | IVB Wellness Lab | SPAIN | Nutrition & Dietary Supplements |
| 12/2025 | ARDIAN | Fermax | SPAIN | Safety & Security |
| 07/2025 | ARDIAN | Dovida | SWITZERLAND | Outpatient Care |
| 05/2025 | ARDIAN | MasterGrid | FRANCE | Electrical |
| 03/2025 | ARDIAN | AKUO | FRANCE | Renewables |
| 03/2025 | ARDIAN | DIOT-SIACI | FRANCE | Brokerage |
| 01/2025 | ARDIAN / EURAZEO / ASTORG | SYCLEF | FRANCE | HVAC (Heating/AC) |
REFERENCES
Valuation range: EV €100–350M
Revenue range: €50–100M
EBITDA range: €5–25M
EV/Revenue range: 2x - 6x
EV/EBITDA range: Above 20x
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of VISTA VISION by ARDIAN are reserved for mynth community members. Register for free to unlock full data.
Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Press release: view release
Acquirer: ardian