Eyes open

Founded in 1989, Polytech Ophthalmologie GmbH (“Polytech”) is one of the leading manufacturer-independent service providers in the cataract surgery market in Germany and supplies operating ophthalmologists with a comprehensive range of products related to cataract surgery. To support further growth, Polytech has decided to enter into a partnership with Odewald KMU, an investment company specializing in medium-sized companies. To this end, Odewald KMU acquired a majority stake in Polytech from the owner family Reese. Rolf Reese, managing director of Polytech, as well as the previous management continue to hold shares in the company.

The Cologne-based consulting firm maconda Corporate Development, one of the leading German providers of commercial due diligence, was commissioned by Odewald KMU to conduct a comprehensive review. The focus of the review was on Polytech’s current and future market position and the analysis of the regulatory environment. Due to the existing extensive know-how about the market for ophthalmic surgical products and about the complicated billing system of the health insurance companies, a speedy and detailed examination was possible despite the complexity of the subject. Within three weeks, maconda conducted a complete commercial due diligence review. “The cooperation between Odewald KMU and Polytech allows the company to fully exploit its high growth potential. We are pleased that we were able to make a significant contribution to the successful transaction through our expertise in ophthalmology,” expressed Inna Invanova, Senior Consultant at maconda.

In Germany, approximately 700,000 cataract surgeries were performed in 2010. For the ophthalmic surgery market relevant to Polytech, industry experts also anticipate substantial growth in the upcoming years. The main reasons for this include an increasingly aging population, product innovations, the standardization of surgery and a general increase in people’s health awareness. Industry experts expect the market in Western Europe to grow by around 6% per year. Germany, Polytech’s most important customer country, is the fifth largest market in the world in terms of sales volume.

In the successful fiscal year 2010, Polytech was able to increase sales to over 20 million euros. This was achieved by introducing new products and expanding into other European countries. In addition to Germany, Polytech is now also active in Austria, Hungary and Poland. The entry into other European countries is concretely planned. Polytech had therefore decided to bring an experienced partner into the company, Odewald KMU. In doing so, Odewald KMU provides own funds for the expansion into further European countries. “The partnership with Odewald KMU offers Polytech excellent opportunities to further develop the growth of the group with the help of new customer relationships and the entry into adjacent business areas and to be able to transfer the operational day-to-day business to a younger generation in the medium term,” says Rolf Reese, Managing Director of Polytech.