D.O.R.C. (DUTCH OPHTHALMIC RESEARCH CENTER)
Acquired by
CARL ZEISS MEDITEC
D.O.R.C. (DUTCH OPHTHALMIC RESEARCH CENTER) acquired by CARL ZEISS MEDITEC
Target
D.O.R.C. (DUTCH OPHTHALMIC RESEARCH CENTER)
Acquirer
CARL ZEISS MEDITEC
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.
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 premium to the 12.8x average currently observed in the Healthcare & Pharma sector.
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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.
Ent. Value
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Equity Value
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Multiples Analysis
EV / Revenue
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EV / EBITDA
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EV / EBIT
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Historical Financials (EUR)
Other operations with D.O.R.C. (DUTCH OPHTHALMIC RESEARCH CENTER)
| Date | Acquirer | Target | Country | Sector | Deal Context |
|---|---|---|---|---|---|
| 04/2019 | EURAZEO | D.O.R.C. (DUTCH OPHTHALMIC RESEARCH CENTER) | NETHERLANDS | Medical Devices | 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. |
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