FF&P and Nova reap 3.5x on EIS Optics exit

The transaction was valued at around $24m, which has given investors a 3.5x return over two years, corresponding to an IRR of around 84%.

FF&P investment manager Dan Walker commented that the investors supported the growth of EIS Optics, previously an OC Oerlikon business, into a standalone company and expanded its customer base with international sales offices.

Previous funding
Nova and FF&P took a majority stake in EIS Optics in October 2009, creating a UK newco for the Shanghai-based Oerlikon Optics. No debt financing was used at the time.

Company
EIS Optics produces coated optical components for use in projectors and similar optical products. The company also owns intellectual property relating to its operations. It is headquartered in London, UK, with sales offices in China, Taiwan, Japan, Korea, and Europe, and operations in Shanghai, China. Founded in 2002, it currently employs around 350 staff and recorded a $30m turnover last year.

People
Co-head and director Henry Sallitt and investment manager Dan Walker worked on the deal for FF&P. Chairman Lord Hodgson, operating partner Patrick Austen and associate partner Llewellyn John managed the deal for Nova.

Advisers
Vendor – Reed Smith (Legal).

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