Eurazeo commits $94m in debut Europe-China fund deal

DORC – or Dutch Ophthalmic Research Center – is recognized as a leading player in the eye surgery equipment niche, especially for operations involving the retina, macula, and vitreous fluid. The company manufactures disposable and reusable instruments, liquids and machinery for some 5,700 surgeons in 80 countries.

According to a release, the plan is to ramp up an ongoing expansion effort in China, where the vitreoretinal surgery market is expected to grow 15-20% a year in the near term. DORC claims to have generated EUR135 million in revenue in 2019, with its existing footprint including solid market positions in Europe and the US.

The Eurazeo China Acceleration Fund is a joint venture with China Investment Corporation and BNP Paribas that was set up earlier this year with an initial EUR400 million. It invests European companies with China ambitions alongside Eurazero’s flagship fund management business, Eurozeo Capital, which had previously backed DORC via its fourth fund.

Eurozeo has EUR18.8 billion in assets under management, including EUR12.5 billion from third parties, invested in about 430 companies. The firm has yet to make a direct investment in Asia, although there have been bolt-on acquisitions, which is the preferred strategy for helping portfolio companies enter the region.

Previous activity in this area includes Iberchem, a Spain-based fragrance manufacturer, acquiring Malaysia’s Flavor Inn Corporation and China’s Nanchang Duomei Biotech.

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• Topics
• Europe
• Greater China
• Healthcare
• Expansion
• China
• Eurazeo
• CIC
• manufacturing