At what enterprise value was D.O.R.C. (DUTCH OPHTHALMIC RESEARCH CENTER) acquired in 2023?

During the acquisition of D.O.R.C. (DUTCH OPHTHALMIC RESEARCH CENTER) by CARL ZEISS MEDITEC in 2023, the company was valued at an estimated revenue multiple of below 5x. The transaction's Enterprise Value is estimated to be in the range of 500M - 1.5b EUR. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the Healthcare & Pharma industry currently tracks an average EBITDA multiple of 14.4x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of D.O.R.C. (DUTCH OPHTHALMIC RESEARCH CENTER) when it was acquired by CARL ZEISS MEDITEC?

The estimated EV/EBITDA multiple for D.O.R.C. (DUTCH OPHTHALMIC RESEARCH CENTER) is in the range of 15x - 25x. For comparison, the Healthcare & Pharma sector currently shows an average EBITDA multiple of 14.4x. Join our community for free to access full valuation data and industry trends.

What was the revenue of D.O.R.C. (DUTCH OPHTHALMIC RESEARCH CENTER) at the time of the deal?

The revenue of D.O.R.C. (DUTCH OPHTHALMIC RESEARCH CENTER) at the time of the deal is estimated to be in the range of 150M - 250M EUR. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of D.O.R.C. (DUTCH OPHTHALMIC RESEARCH CENTER) during the acquisition?

D.O.R.C. (DUTCH OPHTHALMIC RESEARCH CENTER)'s EBITDA is estimated to be in the range of 50M - 100M EUR. Join our community for free to access complete and exact deal data.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the D.O.R.C. (DUTCH OPHTHALMIC RESEARCH CENTER) acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the D.O.R.C. (DUTCH OPHTHALMIC RESEARCH CENTER) deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.unquote.com/benelux/news/3029818/eurazeo-taps-rothschild-for-dorc-exit

← DATABASE

Home Database Healthcare & PharmaD.O.R.C. (DUTCH OPHTHALMIC RESEARCH CENTER)

08/2023

D.O.R.C. (DUTCH OPHTHALMIC RESEARCH CENTER) acquired by CARL ZEISS MEDITEC

NETHERLANDS Life Sciences / Medical Devices EV 500M - 1.5b EUR

Context

Eurazeo has completed the sale of D.O.R.C. to Carl Zeiss Meditec AG. This transaction marks the successful conclusion of a four-year transformation under Eurazeo's ownership, during which D.O.R.C. evolved from a European champion into a global platform. The strategic rationale for Zeiss is to create a comprehensive "end-to-end" offering for ophthalmologists. By integrating D.O.R.C.'s leading vitreoretinal surgical systems with Zeiss's existing portfolio of diagnostics, microscopes, and digital workflows, the combined entity becomes a one-stop-shop for eye care providers. The deal also unlocks significant cross-selling opportunities, leveraging Zeiss's massive global distribution network to accelerate the adoption of D.O.R.C.'s products in under-penetrated markets.

Eurazeo had previously taken control of the company during an LBO in 2019.

D.O.R.C. (DUTCH OPHTHALMIC RESEARCH CENTER), which reported an EBITDA margin of LOGIN in 2023, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the Healthcare & Pharma sector (14.4x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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Target

Headquartered in the Netherlands, D.O.R.C. is a global leader in ophthalmic surgery equipment. It specializes in the "posterior segment" of the eye (vitreoretinal surgery). Its flagship product, the EVA Nexus platform, is a dual-function system used for both cataract and retina surgeries, highly regarded by surgeons for its precision.

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Other operations with D.O.R.C. (DUTCH OPHTHALMIC RESEARCH CENTER)

List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
Date	Acquirer	Target	Country	Sector	Deal Context
04/2019	EURAZEO	D.O.R.C. (DUTCH OPHTHALMIC RESEARCH CENTER)	NETHERLANDS	Life Sciences	Eurazeo Capital completed the acquisition of 100% of the share capital of D.O.R.C. from its previous owners. The transaction positions Eurazeo as the majority shareholder of a rapidly growing MedTech player in the dynamic ophthalmic surgery market. The strategic plan focuses on capitalizing on D.O.R.C.'s highly regarded brand and innovative technology to drive further international growth, with a specific priority on capturing market share in the US. Eurazeo also intends to support the company's shift towards a higher mix of recurring revenue through its proprietary consumables and surgical packs.

REFERENCES

Valuation range: EV 500M - 1.5b EUR

Revenue range: 150M - 250M EUR

EBITDA range: 50M - 100M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of D.O.R.C. (DUTCH OPHTHALMIC RESEARCH CENTER) by CARL ZEISS MEDITEC are reserved for mynth community members. Register for free to unlock full data.

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).