Healthcare & Pharmaceuticals


Scaling a leader in ophthalmic services.

The Opportunity

SpaMedica is the largest, independent ophthalmic surgery provider in the UK, specialising in cataract procedures. A lack of adequate NHS provision, and an aging population, created a favourable market backdrop for the business and in 2016 founder Anil Pitalia decided to bring CBPE onboard to help drive growth and professionalise the business.

CBPE invested alongside the founders of SpaMedica in September 2016 in a debt-free, equal partnership.

The Strategy

Adding to the management team was a clear strategic priority for the business and during our ownership the team was strengthened with ten senior hires including CFO, COO, Chief Commercial and Medical Director. In addition 32 new surgeons were recruited into the business to maintain a clear focus on clinical quality.

CBPE worked with the business to improve its operations in several other areas. A key early focus was improving the business’ IT infrastructure with new ERP and CRM implementations and the introduction of a streamlined HR system.

The business also invested in an in-house finance function to aid timely operational and financial KPI reporting. These improvements allowed the business to systematise the process of identifying new sites by developing a proprietary mapping tool give insights on local demand data.

During our partnership, the SpaMedica team developed strong relationships with a number of NHS trusts to assist in the reduction of cataract surgery backlogs and was also able to sign contracts with a number of large corporate optician groups.

The Result

The partnership with CBPE allowed SpaMedica to establish itself as a leader in the ophthalmic services market, adding 11 new hospitals during our ownership with each of the new sites reaching profitability within three months. At exit the business had professionalised in several areas and was in a position to sustain its growth for the long term.

We exited our investment in SpaMedica in April 2021 in a sale to private equity fund Nordic Capital, generating a 6.6x return and 69.6% IRR.

I am delighted to be working with CBPE as they have a clear understanding of the business and share my passion to continue to grow the business with the same caring culture that we have developed over the last eight years. Together we aim to continue to develop and strengthen our dynamic management and clinical teams and help patients across the country to improve the quality of their lives through visual improvement.

Anil Pitalia, CEO

Many patients are not aware they have a choice of provider for NHS cataract treatment – SpaMedica is offering a high-quality clinical service combined with short waiting times and a great patient experience. Anil is an outstanding surgeon and leader for SpaMedica and we are delighted to be supporting the business through the next phase of its development.

Anand Jain, Partner


Investment summary

  • Date of investmentSeptember 2016

  • Exit dateApril 2020

  • SectorHealthcare & Pharmaceuticals

  • Multiple of Capital6.6x

  • CBPE OwnershipMinority

  • IRR69.6%

  • WebsiteView website

Key outcomes




Revenue growth


Profitability increase

Abstract paint strokes.

CBPE contact

Brush strokes art.

Anand Jain



Selected investments

View all investments


  • Date of investmentSeptember 2017

  • Return3.4x

  • Date of exitMarch 2022

  • CBPE ContactAnand Jain



  • Date of investmentOctober 2022

  • CBPE ContactAnand Jain



  • Date of investmentMay 2013

  • Return7.1x

  • Date of exitFebruary 2017

  • CBPE ContactAnand Jain