Montagu seals first Dutch deal

The London-based firm bought ophthalmic research centre DORC Holding for more than €200m.

Montagu Private Equity has acquired DORC Holding from an investor group including Rabo Capital, Van Lanschot Participaties and Oftavinci.

Financial details of the transaction were undisclosed but it is understood to be “more than € 200 million”, according to a market source.

Montagu declined to comment beyond the statement.

Netherlands-based DORC is a provider of instruments and equipment for ophthalmic surgery. The company’s products include disposable and re-usable instruments, surgical liquids and surgical machineries. It has a global customer base including surgical centres, hospitals and physicians across the US, Europe, the Middle East, Asia and South America. The company has a work force of approximately 300 and generated more than €80 million in sales last year.

Montagu plans to support the incumbent management of DORC via geographic expansion and investing in new product development and mergers and acquisitions.

The acquisition marks Montagu’s first deal in the Netherlands and its ninth investment from its €2.5 billion Montagu Private Equity IV fund, a 2010-vintage. Earlier this month, Montagu agreed to buy the healthcare devices and prescription retail divisions of London-listed packaging group Rexam for $805 million. In December, the firm acquired CEFS International, a wealth management business, from UBS. Other investments in the fund include BSN Medical, which Montagu sold for €1.8 billion to EQT Partners in 2012, and ClyniSis, which it acquired from ECI Partners last July.

Rabo Capital, the mid-market buyout group of Rabo Private Equity, focuses on majority stake investments in mid-size Dutch companies. The firm has invested in over 30 businesses and has €500 million under investment, according to its website.

Montagu was advised by ING and Wells Fargo Securities on the corporate finance side and Clifford Chance on legal matters. The sellers were advised by William Blair on the corporate finances side and DLA Piper on the legal side.