EQT Revives Ginko Sale Process
European private investment firm EQT is restarting the sale of its mainland China contact lens business Ginko International, targeting a valuation of at least $1 billion, according to a report by Private Equity Wire citing Reuters sources. The Swedish firm had previously agreed to sell the asset to Advent International, but the transaction collapsed for undisclosed reasons, with Advent paying a break fee. Advisers Goldman Sachs and JPMorgan are now gauging interest from potential buyers, including strategic players and financial sponsors.
Previous Deal Collapse
EQT’s earlier agreement to sell Ginko to Advent International fell through, as reports at the time suggested the deal would have valued Ginko at more than $1.1 billion. The sources indicated that Advent paid a break fee following the collapse, though specific details on the reasons remain undisclosed. Timing for first-round bids in the revived process is unclear, according to the same sources.
Ginko International Background
Ginko, originally founded in Taiwan, manufactures conventional and disposable contact lenses as well as lens care products, with mainland China as its largest market. The company is operationally based in Danyang in eastern China, maintains a sales hub in Shanghai, and operates manufacturing facilities in both Danyang and Taiwan. The asset was initially acquired in 2022 by Baring Private Equity Asia, which later merged with EQT.
Advisory and Market Context
Goldman Sachs and JPMorgan are involved in gauging interest from potential buyers for Ginko, as per the report. While private equity firms like EQT frequently manage exits to recycle capital, this sale highlights ongoing activity in Asia-Pacific markets, where such transactions can attract both financial and strategic investors, according to Private Equity Wire.
