Swedish private equity company EQT has launched a new effort to sell the Chinese operations of contact lens manufacturer Ginko International, seeking a purchase price of no less than $1 billion, according to three individuals familiar with the transaction.
The Stockholm-based investment firm had previously arranged to divest the business to American buyout company Advent International in 2023, but that buyer ultimately chose to abandon the transaction and pay termination fees for reasons that were not disclosed, according to multiple sources briefed on the situation.
Bloomberg had previously reported that the failed Advent deal would have valued Ginko at more than $1.1 billion.
Investment banks Goldman Sachs and JPMorgan, serving as EQT’s financial advisors, are now reaching out to prospective purchasers including industry competitors and other investment firms, one source revealed. All individuals providing information requested anonymity due to the sensitive nature of the discussions.
The timeline for initial bid submissions has not been established, according to two people involved in the process.
Representatives from EQT and both investment banks refused to provide comment. Advent International and Ginko did not respond to requests for statements.
Ginko, which was established in Taiwan, manufactures traditional contact lenses, daily disposable lenses, and cleaning solutions, with mainland China serving as its primary sales territory based on company information.
The business operates its main facilities from Danyang in southeastern China while maintaining its sales operations center in Shanghai.
Manufacturing takes place at locations in both Danyang and Taiwan, according to the company’s online presence.
EQT acquired its stake in Ginko during 2022 through Baring Private Equity Asia, which became part of EQT following a merger completed later that same year.
