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May 2011


Fürth, Germany


Ophthalmology group

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Business at time of investment

The Ober Scharrer Group is the leading ophthalmology group in Germany offering a broad spectrum of treatments to public and private patients. Key services provided are surgical treatments such as cataract operations and innovative treatments such as Intra Vitreal Operative Medication for degenerative eye disorders. The company employed 355 staff at seven regional outpatient centres and performed 28,000 ocular surgeries annually.

Investment rationale

Ophthalmology is a niche market with stable growth of approximately 5-7% per annum driven by ageing populations and the development of new treatments. The majority of ophthalmic treatments are not performed in hospitals due to the ability of specialised outpatient centres to provide services more efficiently and cost effectively. The German industry is highly fragmented with the top three players owning a 4% market share thus presenting an opportunity for regional consolidation and national expansion. As the leading ophthalmology clinic group, OSG is ideally positioned to build out its market position to become a major national player.

Value creation

  • Strengthened management team: built out the management team with the hires of a new CFO and a new CEO.
  • Acquisition capability:  Developed a dedicated M&A strategy and obtained a substantial financing package to fund an acquisition programme.
  • Growth: Acquired and established three new regional outpatient centres·(Düsseldorf/Wuppertal, Mönchengladbach/Erkelenz and Siegburg)


OSG employs over 750 staff at thirteen regional outpatient centres and performs approximately 70,000 ocular surgeries annually.