Investors

Acquisition 2026

Revenio accelerates growth and value creation by acquiring Visionix

Revenio Group Corporation (“Revenio”) and the owners of the French company LT International SAS, the parent company of the Visionix International group (“Visionix”), have today signed an agreement under which Revenio will acquire the entire share capital of the group parent company.

Joining forces with Visionix represents a significant milestone in the execution of Revenio’s growth strategy. It is driven by a shared ambition: to create the most innovative, creative and comprehensive entity serving eye care professionals across optometry, optical retail and ophthalmology. While the legal structure of the transaction is an acquisition, the strategic intent is to bring together two highly complementary businesses, enabling accelerated growth and value creation with greater scale and synergies. The combination will be managed as a partnership of strengths, along with leadership, capabilities and know-how from both companies helping shape the next chapter of the combined group.

The transaction in brief:

The two companies will combine and create a leading turnkey solutions provider in the global eye care market with more than EUR 250 million in sales, EUR 48 million in adjusted EBITDA and over 800 employees (combined illustrative figures 2025).

Key benefits of the transaction and path to accelerated growth and value creation:

Highly complementary product, software and customer portfolios
Approximately 2.5x increase in total addressable market and expedited entry into the OCT segment
Targeting more than EUR 20 million EBITDA uplift through joint value creation and synergies by the end of 2029
Improved route-to-market with substantial opportunities in channel optimization and cross-selling
Scale benefits, cost savings and other synergies

As part of the value creation process, Revenio is targeting an annual growth rate corresponding to 3x the market growth rate. Revenio is targeting an EBITDA margin of 25% during the “Traction and build-up” phase (2028–2029) and an EBITDA margin approaching 30% in the “Continued growth and sustained leadership” phase (beyond 2030).

The agreed debt-free, cash-free value of the transaction (enterprise value) is EUR 290 million. The consideration payable to the sellers is EUR 250 million, of which EUR 55.7 million will be paid in the form of new shares in Revenio. The share component means that Visionix’s shareholders will remain invested in the combined group and aligned with its long-term value creation.

The cash portion of the consideration and repayment of outstanding loans will be financed through existing cash reserves, new debt financing including a EUR 130 million amortizing term loan facility and a EUR 80 million bridge-to-equity facility arranged (subject to customary conditions) by Nordea Bank Abp (“Nordea”) and a vendor loan arrangement. The transaction is expected to be completed by the end of the second quarter of 2026.

Completion of the transaction is subject to Revenio's general meeting of shareholders resolving to:

Authorize the Board of Directors of Revenio to decide on a directed share issue of 2,485,797 new shares to the sellers in connection with the completion of the transaction.
Authorize the Board of Directors of Revenio to decide on an issuance of shares in a planned EUR 80 million post-completion rights issue.

In addition, the Board of Directors of Revenio recommends that the shareholders would vote in favor of the election of Charles Vilgrain, Managing Partner of Caravelle Capital SAS (“Caravelle Capital”), Dr. Marc Abitbol, the CEO of Visionix, and Nicklas Hansen, Chief Investment Officer at William Demant Invest to the Board of Directors of Revenio in the annual general meeting of Revenio, and have also agreed that no dividend payment is proposed to the shareholders of Revenio prior to the full payment of the deferred purchase price to the sellers.

The annual general meeting of Revenio convened for April 15, 2026 will be cancelled and a new meeting will be convened in due course to take into account resolutions pertaining to the transaction.

Revenio has engaged Nordea to act as a global coordinator in a planned post-completion rights issue. Revenio's largest shareholder, William Demant Invest, and sellers, together representing approximately 30.92% of Revenio shares post-completion, have irrevocably committed to subscribe pro rata for shares in the planned post-completion rights issue. The remainder of the rights issue will be underwritten by Nordea, subject to customary terms and conditions. The proceeds from the rights issue will be used for the repayment of the outstanding bridge facility related to the transaction. The rights issue is targeted to be arranged during mid to late H2/2026.

Due to the transaction, Revenio withdraws its previous financial guidance and will provide updated financial guidance for 2026 after the completion of the transaction.

Jouni Toijala, CEO of Revenio:

“Revenio joining forces with Visionix is a game changer in the global eye care market and elevates us into a completely new level. It represents a major milestone in the execution of our growth strategy and provides us with a foundation to expedite our growth and value creation. Together with Visionix, we position ourselves as a leading turnkey solutions provider for a wide range of eye care needs and we are even better positioned to compete in the market. Together, we significantly expand our joint offering and unlock cross-selling potential across customers and channels worldwide. From Revenio’s point of view, we accelerate our entry into the OCT segment, representing an important step in fulfilling our goal to improve the quality of ophthalmic diagnostics through innovative products and software solutions.

This is an exciting new chapter that builds on the strengths of both companies. By joining forces with Visionix and their highly talented team, we are in a strong position to improve the quality of clinical diagnostics with targeted innovations. At the same time, we continue to build on our strong, value-driven culture, a cornerstone we share with Visionix. I could not be more excited for our future together – this is the beginning of a new chapter in our joint story.”

Marc Abitbol, CEO of Visionix:

“Visionix was founded more than 30 years ago as an entrepreneurial incubator built on innovation, ambition and a willingness to challenge established standards in eye care. Since then, we have grown into a leading global company with a broad portfolio spanning diagnostics, refraction, OCT, software and finishing solutions. This combination with Revenio is the continuation of that journey – an opportunity to take Visionix to another level with a partner whose technology, product portfolio, leadership and values are deeply complementary to our own. During the process, I was impressed by the natural adhesion of both teams to this vision, which gives me great confidence in the human and entrepreneurial potential of the combined group.

What makes this transaction especially meaningful is that it is designed to bring together the best of both companies. Our intention is not to see one business disappear into the other, but to build a stronger common group by combining complementary assets, teams and capabilities with very limited overlap. That ambition is also reflected in the meaningful reinvestment by Visionix shareholders, including myself, into the combined company. I look forward to supporting our integration and future technology and innovation development as we continue the journey together.”

Press conference and webcast

Revenio will present the transaction in English to the media, investors, and analysts in a press conference on April 13, 2026 at 14:00 EET. The transaction will be presented by CEO Jouni Toijala and CFO Robin Pulkkinen, followed with a discussion participated by Revenio’s Chair of the Board Arne Boye Nielsen, Caravelle Capital’s Managing Partner Charles Vilgrain and Visionix’s CEO Marc Abitbol.

The press conference can be followed live at https://event.videosync.fi/investor-event. Questions can be placed through the webcast chat function or by phone. To ask questions by phone, the participant is required to register at https://player.videosync.fi/event/investor-event/dial-in. The presentation material will be available at www.reveniogroup.fi/en after the event.