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Indo

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Indo is the leading Spanish independent manufacturer of ophthalmic lenses and distributor of medical equipment for the eye care sector.

Objective

Apheon’s investment thesis was rooted in acquiring the leading independent optical lens manufacturer in Spain and Morocco. Indo counts with a heritage brand in a resilient and profitable market underpinned by structural demographic drivers (ageing population) coupled with healthy supply dynamics. During our investment period, we partnered with a strong and committed management team that pushed Indo to (i) outgrow the market in Spain and Morocco, gaining meaningful market share across the Mediterranean region; (ii) build a completely new R&D department, having launched several blockbuster products during Apheon’s tenure; and (iii) further invest in and optimize the company’s industrial footprint, unlocking meaningful efficiencies and transforming its two premises in Spain and Morocco in sector-leading state-of-the-art facilities.

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ENTRY / EXIT
Aug 2018
 / 
Sept 2022
COUNTRY

Spain

SECTOR

Healthcare; Niche Industrials

Key Achievements at Exit

SALES
€48m
EMPLOYEES
380

Related News

View All
2022 
| Healthcare

Ergon sells Indo to Rodenstock, a portfolio company of Apax Partners

May 19, 2022
2018 
Investment 
| Healthcare

Ergon Capital Partners III acquires Indo, a leading Spanish manufacturer of ophthalmic lenses and supplier of medical equipment to the eye care sector

June 21, 2018
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Our manifesto: contributing to the development of sustainable finance

Sustainability generates long-term and higher value

Apheon’s ambition is to contribute to the development of sustainable finance by placing sustainability at the core of its strategy and demonstrating by example that it delivers higher and better value for portfolio companies and investors.
 
We are convinced that businesses that respect the planet, that look after their employees and that support their communities will in turn attract the best talent, differentiate themselves from their competition and ultimately emerge as the strongest in the future.

A holistic and collective approach

To succeed with this strategy, Apheon believes a holistic and collective approach is fundamental.

Holistic: it is essential that all aspects of ESG are equally and continuously supported. This is why we are active at every stage of the investment cycle by applying proprietarily developed methodologies and initiatives which are built on 5 priorities covering the broad ESG spectrum:

  • Sustainable revenues (strategy): increasing, when applicable, the share of revenues which directly benefit the environment and/or society

  • Carbon (environment): reducing emissions

  • Talent (social): creating a positive working environment which will attract, develop and retain the best talent

  • Youth, diversity and inclusion (societal): fostering a more inclusive society

  • Transparency (governance): reporting on metrics transparently, and being transparent on potential obstacles
Collective: we believe that it is only through collective action that we can create significant impact. This is why it is our intention to pull together Apheon’s entire ecosystem to undertake our ESG initiatives. This includes mobilizing our employees, portfolio companies, investors, external experts, charitable organizations, public institutions and peers. At this time of global transition, we believe that sustainable finance plays a key role in advancing towards a sustainable planet and society. Financial players, in particular private equity firms such as Apheon, are in a position to drive forward action by leveraging their business model of transforming companies. Apheon is keen to play such role and to move forward every day with humility but also conviction.