A leading provider of surgical equipment, consumables, instruments and liquids used in vitreoretinal surgery.

DORC has a range of products closely developed with surgeons including:

  • “EVA” surgical system with best in class fluid control, lighting, imaging and cutting capabilities
  • EVA surgery packs with consumables and a range of reusable and disposable surgical instruments
  • Surgical liquids and dyes

Growth in consumables sales during partnership


Headcount growth


Growth in EVA installed base

A Montagu business

  • Large and growing addressable market with high barriers to entry
  • Strong market position – no. 3 globally, no. 2 in Europe and no. 1 in multiple markets
  • Recurring revenue profile underpinned by an attractive razor/razor-blade business model with cross-sell potential and high customer stickiness
  • Strong brand underpinned by global KOL network, IP and proven “first-to-market” capabilities

Backing DORC’s transition to a professionally managed business

We offered significant support to DORC in its transformation from an instrument manufacturer to a global machine and consumables business operating in a compelling razor/razorblade model.

During our investment DORC continued its global expansion and established leading position in key European markets and the US. Significant investments were made to drive new product development and maintain technological leadership, as well as grow, improve and professionalise operations. 

In 2019, we sold DORC to a European private equity fund Eurazeo.

Deal details

Year of entry


Year of exit






Industry Sector


Back to all portfolio