EQT restarts $1 billion sale of contact lens maker Ginko
EQT is restarting the sale of Ginko International's Chinese business for at least $1 billion. This follows a failed deal with Advent International last year.
Reporting from Hong Kong, the private equity firm EQT AB is restarting the sale of the mainland China business of contact lens maker Ginko International. Sources familiar with the matter indicate that the firm is targeting a valuation of at least $1 billion for the unit. The move follows a previous agreement to sell the business to United States-based buyout firm Advent International. That deal was ultimately called off after Advent chose to pay a breakup fee for undisclosed reasons, despite earlier reports suggesting a valuation of more than $1.1 billion. To facilitate the new sale process, GOLDMAN SACHS GROUP INC and JPMORGAN CHASE & CO have been appointed as advisers. These institutions are currently sounding out interest from potential buyers, including industry competitors and other financial sponsors. Ginko International, which was originally founded in Taiwan, produces conventional and disposable contact lenses along with lens care products. While it maintains factories in both Taiwan and Danyang, mainland China remains its primary market for sales. The company maintains its operational headquarters in Danyang and its sales headquarters in Shanghai. The investment in Ginko was originally made in 2022 by Baring Private Equity Asia, which subsequently merged with EQT later that year.
