EQT has restarted the sale process for the China business of contact lens maker Ginko, targeting a valuation of at least $1bn, Reuters reports.

The renewed process follows a failed sale to Advent International, which opted to terminate the deal and pay a breakup fee, prompting EQT to relaunch discussions with prospective buyers.

The firm has appointed Goldman Sachs and JPMorgan to run the process, reaching out to both strategic buyers and financial sponsors as it looks to secure a new transaction.

The asset represents Ginko’s mainland China operations, its largest market, where the company produces and sells a range of contact lenses, including disposable and conventional products, alongside lens care solutions.

For EQT, the sale marks a renewed attempt to exit an investment originally made in 2022 by Baring Private Equity Asia, prior to its merger with the firm later that year.

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