To implement its growth plans, Polytech Ophthalmologie, a leading provider of products for ophthalmology, decided to enter a partnership with Odewald KMU.
Founded in 1989, Polytech Ophthalmologie GmbH (Polytech) is one of the leading, manufacturer-independent service providers in the market for cataract surgery in Germany and supplies operative ophthalmologists with a comprehensive range of cataract surgery products. To support its further growth, Polytech decided to enter a partnership with Odewald KMU, an investment company specialized in medium-sized companies. Odewald KMU also acquired a majority stake in Polytech from the Reese family, which owns the company. Rolf Reese, Managing Director of Polytech, and the current board members still have shareholdings in the company.
The Cologne-based consulting firm maconda Corporate Development, one of the leading German providers of commercial due diligences, was mandated with conducting a comprehensive assessment. The focus of this assessment was Polytech's current and future market position and an analysis of the regulatory environment. A quick and detailed assessment was possible thanks to maconda's existing comprehensive know-how on the market for ophthalmic products as well as on the complex accounting systems used by health insurance funds. Within three weeks, maconda had conducted a complete commercial due diligence assessment. "The company's high growth potential can be fully exploited with the cooperation between Odewald KMU and Polytech. We are pleased that our expertise in ophthalmology could make a key contribution to this successful transaction," explains Inna Invanova, Senior Consultant at maconda.
Approximately 700,000 cataract operations were performed in Germany in 2010. Industry experts expect considerable growth in the ophthalmic surgery market relevant to Polytech over the coming years. The key reasons for this include an increasingly older population, product innovations, the standardization of the operation as well as a general increase in health awareness. Industry experts are projecting market growths of ca. 6% annually in Western Europe. Polytech's most important sales market, Germany, is the fifth largest in the world in terms of sales volumes.
In the successful fiscal year 2010, Polytech managed to increase sales to over € 20 million. This success was largely due to the introduction of new products and expansion into new European countries. Alongside of Germany, Polytech is also active in Austria, Hungary and Poland. Entry into additional European countries is planned. Polytech therefore decided to add Odewald KMU as an experienced partner. Odewald KMU is making its own resources available for the expansion into further European countries. "The partnership with Odewald KMU offers Polytech excellent opportunities for further group growth through new customer relationships and entry into neighboring fields of business. It also allows us to transfer the daily operating business to a younger generation in the medium term," said Rolf Reese, Managing Director of Polytech.
maconda GmbH is an independent consulting firm for international corporate development, mergers & acquisitions and restructurings. Clients are typically medium-sized enterprises and renowned private equity companies. Since 2005, maconda has conducted over 100 commercial due diligence assessments, mainly for financial investors. Its core industries include consumer goods (consumables like food and cosmetics, as well as durables like furniture and clothing), healthcare, wholesale and retail, business support services (temporary work, customer service, logistics, etc.), telecommunications / internet / IT and technical industrial goods.