Eurazeo to invest €300m in DORC

Eurazeo Capital will invest €300m in this transaction, drawing €75m from Eurazeo Capital IV and €225m from its balance sheet, Unquote has learned. 

The fund held a first close on €500m in Q1 2019 and is planning to hold a final close in Q4 2019.

DORC is the fund's fifth investment, according to a statement by the firm.

Montagu appointed RBC and HSBC to sell the asset in January, according to Unquote sister publication Mergermarket. The banks marketed the asset based on projected EBITDA of €34.1m for 2019, the report added.

Bidders offering 17x EBITDA failed to make it into the second round, which included Eurazeo, Nordic Capital and CVC Capital Partners, according to Mergermarket.

The GP originally acquired the business in 2014, investing via its Montagu IV fund, closed in €2.5bn in 2011. DORC employed 300 staff when acquired by Montagu and generated sales of €80m in 2013.

Eurazeo had not previously invested in the Netherlands, according to Unquote Data, although it did invest in Benelux before, backing Luxembourg-headquartered express transport service Flash Europe. 

Company
Established in 1983 and headquartered in Zuidland, DORC operates in the medical technology sector, specialising in vitreoretinal surgery. DORC designs, manufactures and distributes ophthalmic surgery equipment, consumables and instruments.

DORC has a presence across 80 countries and employs around 500 employees worldwide.

People
Eurazeo – Marc Frappier (managing partner, head of Eurazeo Capital).

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• Montagu Private Equity