Eurazeo to sell DORC for €1bn EV

DORC is an ophthalmic surgery company based in the Netherlands.

  • Eurazeo has been a majority shareholder in DORC since 2019
  • Carl Zeiss Meditec is buying DORC from Eurazeo
  • Eurazeo is a European investment group

Eurazeo has entered into exclusive discussions to sell Dutch Ophthalmic Research Center (DORC) to Carl Zeiss Meditec for an enterprise value of approximately €1 billion.

The transaction is expected to yield over 2.6x gross cash on cash and 24 percent gross internal rate of return on its original investment, including proceeds of the refinancing closed in December 2021. Upon closing of the transaction, around €385 million of gross proceed would be returned to Eurazeo balance sheet.

DORC is an ophthalmic surgery platform. The company is expected to deliver €200 million net sales in 2023. The company is headquartered in Zuidland in the Netherlands.

Over the ownership period, DORC has achieved “strong” growth underpinned by a bolstered management team and intensified international expansion strategy, according to a press statement.

Eurazeo is a European investment group with €33.5 billion in diversified assets under management. The firm is based in Paris.

Carl Zeiss Meditec is a German medical technology company, with a focus on ophthalmology and microsurgery. The company is based in Jena.