Montagu acquires Dorc from Rabo Capital

Alongside Rabo were selling shareholders Van Lanschot Participaties – the private equity unit of Van Lanschot Bankiers – and holding company Oftavinci.

News of a possible Dorc sale came to light in July last year, when Rabo brought in William Blair to oversee a sale process. The firm had acquired a minority stake in Dorc in June 2009.

Montagu plans to support its new portfolio company's geographic expansion, as well as invest in product development and strategic acquisitions.

The deal marks Montagu's first lead investment in the Netherlands.

Debt
GE Capital and Ares Management acted as lead arrangers for a €110m package comprising a unitranche facility, working capital and acquisition finance for the deal.

Company
Founded in 1983, Dorc is headquartered in Zuidland with additional offices in the UK, Sweden, Germany, Austria, France, Spain, Dubai, China and the US.

The company provides equipment and instruments for ophthalmic surgery and exports its products to 80 countries. Its range of products includes both reusable and disposable instruments, VisionBlue surgical liquids and surgical machinery.

The products are designed for use in the surgical treatment of glaucoma and cataracts, as well as retinal and corneal problems. The company employs 300 staff and generated sales of €80m last year.

People
Theo Sonnenberg is the CEO of Dorc. Montagu director Alex Dabbous and investment director Hubert van Wolfswinkel worked on the deal.

Advisers
Equity – ING (Corporate finance); Wells Fargo Securities (Corporate finance); Clifford Chance (Legal).
Vendors – William Blair (Corporate finance); DLA Piper (Legal).

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• Topics
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