William Blair Advises D.O.R.C.

Thursday, February 27, 2014

William Blair & Company is pleased to announce that its client, D.O.R.C. Holding B.V., a portfolio company of Rabo Capital, Van Lanschot Participaties and Oftavinci, has been sold to Montagu Private Equity. The transaction closed on February 21, 2014.  William Blair advised D.O.R.C. on the transaction in conjunction with its Asian affiliate, Business Development Asia LLC1. The sale of D.O.R.C. represents William Blair's 15th medical technology transaction since January 2013 and third this year.

Transaction Highlights

  • Deep relationships and sector expertise: Rabo Capital, Van Lanschot Participaties, Oftavinci, and D.O.R.C.’s management team were attracted to William Blair’s global healthcare practice, deep sector knowledge and ability to identify and effectively engage with strategic and financial acquirers.  By drawing on its extensive knowledge of the medical technology and ophthalmology spaces, William Blair was able to successfully market the merits of this unique investment opportunity.

  • Execution excellence: William Blair’s transaction team marketed D.O.R.C. to a comprehensive group of potential acquirers, coordinated a robust due diligence process and successfully led a competitive negotiation of key transaction terms with multiple potential acquirers.

  • World-class ophthalmic technology company: D.O.R.C. represents a unique and scarce asset with a reputation for innovation and premium quality products in the highly concentrated €1.5 billion surgical ophthalmology market.

  • Trusted guidance: William Blair’s senior deal team was integrally involved in each step of the transaction process and facilitated an exceptional outcome for all shareholders.

About the Companies

D.O.R.C. is a leading provider of innovative instruments and equipment for ophthalmic surgery. Headquartered in Zuidland, the Netherlands, D.O.R.C. serves a global customer base including surgical centers, hospitals and physicians across the US, Europe, the mid-East, Asia and South America. The company has more than 300 employees worldwide and generated over €80m of sales in 2013.

Montagu Private Equity is one of Europe’s leading private equity firms. The firm has assets under management of €3.3 billion. Montagu invests in businesses that operate in stable markets across Europe with transaction values ranging from approximately €100 million to €1 billion.

Rabo Capital is the mid-market buy-out group of Rabo Private Equity. It focuses on majority stake investments in mid-size Dutch companies. Rabo Capital has invested in over 50 companies and currently has €500 million under investment. Rabo Capital acts as an active shareholder, supporting the management team in realizing value for the company.

Van Lanschot Participaties, the private equity unit of Van Lanschot Bankiers, has been providing equity solutions to Dutch companies since 1982. Van Lanschot Participaties preferably takes minority shareholdings (20-50%) and has a long term investment horizon. Van Lanschot Participaties is a 100% subsidiary of Van Lanschot Bankiers and is managed by Kempen Investments, a member of the Van Lanschot Group.

1 William Blair made a minority investment in BDA in October 2011

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