Clínica Baviera is a leading Spanish group in the field of ophthalmology and a European benchmark, with a track record of more than three decades and a clear specialisation in refractive surgery and high-complexity ophthalmological treatments, such as presbyopia correction.
The company operates in a traditionally fragmented market, which opens up opportunities for consolidation and expansion for operators with scale and brand presence.
Clínica Baviera maintains a relevant position in its main markets; #1 in Spain and in Germany in the market in which it specialises (excluding public cataract surgery, where Clínica Baviera is not present).
All of this is framed within a sector context characterised by structural growth factors, such as the ageing population, the increase in visual pathologies associated with the intensive use of digital devices, and greater adoption of surgical solutions for the correction of visual defects.
This is a growth business with high margins and returns, currently trading at an EV/EBITe multiple of just 12x (2026).
We believe the company will double in size over the next seven years and that returns for investors will be in line with business growth.
