Private equity firm Everstone Capital has signed an agreement to acquire a controlling stake in Calibre, a specialty ingredients manufacturer of pharmaceutical, nutritional and personal care products, the investor said in a statement on Sunday. Financial details of the transaction were, however, not disclosed.
Founded in 1984 by Ranjit Bhavnani, Calibre is a specialty ingredients maker dealing in iodine derivatives, persulfates and perchlorates. The company’s customers span the US, Europe and Asia, which contribute approximately two-thirds to its revenue.
“Calibre is a high quality and a globally established player with significant untapped potential. Combining the founding family’s entrepreneurial skills and strong governance with Everstone’s operational expertise and experience, we expect Calibre to excel, innovate and scale,” said Sameer Sain, co-founder and chief executive, Everstone Group.
The Mumbai-headquartered company has manufacturing facilities at Sarigam, Gujarat, with globally recognized certifications and registrations, such as from the US Food and Drug Administration (FDA), EU’s Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH), Food Safety and Standards Authority of India (FSSAI) and UK’s International Organization for Standardization (ISO).
“This is a game changer moment for us at Calibre and it marks the transformation from a family owned to a professional one where we will continue to participate actively,” said Ranjit Bhavnani, founder, chairman and managing director, Calibre.
Everstone’s portfolio companies include nutraceutical ingredients firm OmniActive, complex generic and specialty pharma products manufacturer Slayback Pharma, and pharma distribution platform Ascent Health among others. Last year, it had announced its successful exit from Rubicon Research generating returns of 4.5 times.
