Eurazeo has completed the disposal of DORC (“Dutch Ophthalmic Research Center”) to Carl Zeiss Meditec AG, one of the world’s leading medical technology companies.
Established in 1983, and headquartered in the Netherlands, DORC is a world-leading and high growth ophthalmic surgery platform in the Vitreoretinal (“VR”) and Cataract market. Over the last four years, Eurazeo has supported DORC’s strong growth by bolstering its sector expertise and scale, accelerating DORC’s international expansion, particularly in the United States and Asia, through continued innovation with multiple new products launches and through M&A with two successful strategic acquisitions in Germany and the US.
Eurazeo‘s investment in DORC is a good example of the Mid-large buyout playbook, which consists of selecting and supporting leading mid-market companies with solid fundamentals and a differentiated positioning in sectors with strong tailwinds such as Healthcare.
The transaction has generated a gross cash-on-cash of 2.6x on Eurazeo’s initial investment and a gross internal rate of return (IRR) of 24% with around €386 million of proceeds being allocated to Eurazeo balance sheet.
