European private investment major EQT is restarting the sale of its mainland China contact lens business Ginko International, targeting a valuation of at least $1bn, according to a report by Reuters citing unnamed people familiar with the matter.
The Swedish private equity firm previously agreed to sell the asset to Advent International, but the transaction collapsed for undisclosed reasons, with Advent paying a break fee, the sources said. At the time, reports suggested the deal would have valued Ginko at more than $1.1bn.
Advisers Goldman Sachs and JPMorgan are now gauging interest from potential buyers, including both strategic players and financial sponsors, the sources added. Timing for first-round bids remains unclear.
EQT, Advent and the advisers reportedly declined to comment, while Ginko did not respond to requests for comment.
Ginko, originally founded in Taiwan, manufactures conventional and disposable contact lenses as well as lens care products, with mainland China its largest market. The company is operationally based in Danyang in eastern China, with a sales hub in Shanghai and manufacturing facilities in both Danyang and Taiwan.
The asset was initially acquired in 2022 by Baring Private Equity Asia, which later merged with EQT.
