OPHTHALMOLOGY M&A

M&A advisory services for

ophthalmology business owners

OVERVIEW

Ophthalmology is one of the fastest-growing and most sought-after areas of UK healthcare. Buyer appetite is strong, driven by NHS demand pressures, an ageing population and high private-pay growth in premium surgery.

Independent groups that combine NHS pathway contracts with private ophthalmology clinics are attracting particular interest from private equity and strategic consolidators.

Key market dynamics include:

NHS demand pressure – cataract, glaucoma and medical retina pathways continue to outstrip NHS capacity, creating opportunities for independent providers.
Premium private services – high-value refractive, laser and complex surgery drive margins in the private-pay segment.
Well-invested facilities – providers with their own surgical centres and diagnostic suites typically command stronger multiples than those reliant on hospitals.
Multi-site and multi-specialist – buyer appetite is strongest where there is scale, reduced reliance on founders, and services spanning cataract, refractive, retina, and oculoplastics.

If you are considering selling your ophthalmology business or seeking private equity investment, the Eclipse team can help you maximise value while ensuring a smooth and confidential process.

As chartered accountants with significant investment banking experience, we differentiate ourselves from generalist advisors by providing a hands-on, end-to-end approach - from preparation and valuation through to negotiation and completion.

Our latest insights into M&A in the ophthalmology sector can be found below.

View our market insights

WHY ECLIPSE?

The Eclipse team supports ophthalmology business owners in realising the value they have built through successful company sales or by taking on private equity investment
We have completed transactions across the clinical services sector in areas such as clinical insourcing, physio, ophthalmology, dermatology and audiology, spanning both private and NHS services
This has helped numerous founders reap the rewards of their hard work through successful exits, providing them with the financial freedom to retire, "de-risk" or plan for whatever comes next
We are not a high volume firm - this allows us to spend more time producing higher quality, tailored marketing materials and provide a greater level of support throughout the sale process
Our experience advising on varied and complex deals of up to £100m gives us significant expertise in running smooth and efficient processes, ensuring that value is protected through to completion of the transaction
Our fees are transparent and directly linked to the valuation achieved

VALUATION

Multiples in ophthalmology vary depending on scale, service mix and reliance on the founding clinicians:

Single-site clinics with £200k–£300k EBITDA: typically 3–4x, often with significant earn-out.
Regional groups with £500k–£1m EBITDA: typically 5–6x, with some deferred consideration.
National or multi-site groups with £2m+ EBITDA: typically 7–8x, often on a largely cash-on-completion basis.

View our ophthalmology valuation guide below:

Ophthalmology valuation guide

FAQs

How do buyers value ophthalmology businesses?

Buyers typically assess EBITDA, reliance on founders, service mix (cataract and complex surgery attract stronger multiples than volume laser), and the extent to which the business has invested in its own facilities.

Who are the main buyers?

Private equity-backed consolidators and strategic corporates seeking community-based pathways.

What is the current market trend?

High NHS demand, strong private pay appetite and continued consolidation by PE-backed platforms.

What preparation helps maximise value?

Reducing reliance on founders, evidencing repeatable NHS contracts and proven private-pay patient acquisition strategies, and demonstrating compliance and governance readiness.