(AOF) – Eurazeo and its affiliates have entered into exclusive discussions with Carl Zeiss Meditec AG with a view to the sale of the DORC (Dutch Ophthalmic Research Center) ophthalmic surgery platform, for an enterprise value of approximately 1 billion euros. The investment firm’s mid-large buyout team has supported DORC as a majority shareholder since 2019. In 2023, the company is expected to achieve net sales of €200 million, with an installed base of over of 2100 systems placed around the world.
Under the terms of this agreement, the transaction is expected to materialize a gross return of 2.6 times cash-on-cash and a gross internal rate of return (IRR) of 24% on the initial investment, including the proceeds of the refinancing carried out in December 2021. At the end of the transaction, approximately 385 million euros of gross proceeds from the sale should be recorded on Eurazeo’s balance sheet.
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