Singapore based private equity firm Everstone Capital has picked up a strategic stake in Chennai based manufacturer of in-vitro diagnostic products CPC Diagnostics. Everstone has made this investment through its healthcare platform Everlife, focused on south and south-east Asia.
Everstone manages more than $5 billion worth of funds and had formed its healthcare platform Everlife in 2017. The first buy of Everlife was Malaysia-based medical products and solutions distributor Chemopharm in 2017. The platform has invested across the region in four areas, clinical diagnostics, analytics, medical equipment & supplies, and life sciences. Earlier Everstone had also invested in Indian health and wellness platform Ascent in 2017.
Arjun Oberoi, Vice Chairman, Everlife and Managing Director, Everstone Capital said, “We are delighted to invest in CPC Diagnostics and help scale up its presence across the diagnostics sector. Its strong manufacturing and R&D capabilities make them an ideal partner for us.”
Oberoi added that Everlife will be able to help CPC Diagnostics expand beyond India, especially leverage its value segment products in emerging markets. CPC Diagnostics, is promoted by managing director R Kailasnath, and it operates in India, Sri Lanka and Bangladesh.
Kailasnath said: “We believe that this partnership will assist CPC in reaching out to newer customers and markets for its product portfolio, in addition to the other important strategic benefits.” CPC Diagnostics was advised by 7i Capital Advisors. Executive director of 7i, Manoj Patkar said CPC and Everlife bring in complementary skills to build a sustainable partnership in the in vitro diagnostic space.
Source: Economic Times