By Kane Wu HONG KONG, April 16 (Reuters) - Private equity firm EQT is restarting the sale process for the mainland Chinese business of contact lens maker Ginko International, targeting a valuation of
EQT restarts sale of contact lens maker Ginko in at least $1 billion deal, sources say
Private Equity Firm EQT Seeks New Buyer for Ginko International
By Kane Wu
Sale Process and Valuation
HONG KONG, April 16 (Reuters) - Private equity firm EQT is restarting the sale process for the mainland Chinese business of contact lens maker Ginko International, targeting a valuation of at least $1 billion, three people with knowledge of the matter said.
Previous Deal with Advent International
EQT agreed to sell the business last year to U.S.-based buyout firm Advent International, but the deal fell through for undisclosed reasons and Advent paid a breakup fee, said two of the people and two other sources with knowledge of the matter.
At the time, Bloomberg reported that Ginko would have been valued at more than $1.1 billion in the sale to Advent.
Current Sale Efforts
EQT's advisers, Goldman Sachs and JPMorgan, are sounding out potential buyers for the business, which include peer companies and financial sponsors, one of the sources said. All sources declined to be named as the information was confidential.
The deadline for first-round bids was not immediately clear, two of the people said.
Responses and Comments
Stockholm-based EQT, Advent and the two banks declined to comment. Ginko did not immediately respond to a Reuters request for comment.
About Ginko International
Company Background
Founded originally in Taiwan, Ginko's main products include conventional contact lenses, disposable contact lenses and lens care products; mainland China is its main market for sales, according to its website.
Headquarters and Operations
The company's operational headquarters is in the southeastern Chinese city of Danyang and its sales headquarters is in Shanghai.
It has factories in both Danyang and Taiwan, the website shows.
Investment History
The Ginko investment was made in 2022 by Baring Private Equity Asia, which merged with EQT later that year.
(Reporting by Kane Wu; Editing by Thomas Derpinghaus and Louise Heavens)
