Everstone Group, the India and South Asia focused investment company, has acquired an undisclosed size of equity in Chennai-based CPC Diagnostics through the former’s healthcare platform Everlife. The acquisition aims at including the core in-vitro diagnostics (IVD) segments in Everlife’s portfolio of medical devices and extend its geographical presence to India. This is Everlife’s first investment in the country.
Founded in 1987, CPC Diagnostics is a medical devices manufacturer and distributor with presence across India, Sri Lanka and Bangladesh, and exports to countries in Middle East and Europe. It supplies a wide range of products and services to research and clinical laboratories. With this strategic investment, Everlife plans to support CPC’s manufacturing and distribution capabilities within India and South-East Asia, to become a leading IVD distributor in India.
“CPC Diagnostics’ strong manufacturing and R&D capabilities make them an ideal partner for us and we will help them expand in markets beyond India. Everlife can also leverage on CPC to grow its value segment range of products, to cater to the growing demand of quality medical devices within emerging markets,” said Dr. Arjun Oberoi, Vice Chairman, Everlife and Managing Director, Everstone Capital, while announcing the acquisition.
While, R. Kailasnath, Managing Director, CPC Diagnostics, said that Everlife is creating a pan South Asian and South-East Asian distribution and manufacturing platform for IVD and other laboratory/medical device segments and we are looking forward to contributing to this objective.
The in-vitro diagnostics (IVD) segment is one of the largest within the medical devices market. CPC’s portfolio already overlaps with IVD’s biggest segments, namely the immunoassay, bio-chemistry and haematology segments. The investment would allow CPC to consolidate their position in these core segments while expanding territorial reach.
Everlife also has investments in Malaysia-based Chemopharm Group, a leading provider of products and solutions to laboratory, research and medical facilities in South-East Asia; DV Medika Group, manufacturer and distributor of one of Indonesia’s top brands of hospital furniture and other imported medical equipment and supplies; and Singapore-based Bio-REV Pte. Ltd., which specializes in distribution of reagents, media and consumables to the life sciences industry.
Everlife Asia is currently a buy-and-build platform aimed to provide complete solutions for the healthcare and research industries in South East Asia. It invests in manufacturers and distributors in the region covering key strategic segments including in-vitro diagnostics, medical diagnostics, critical care equipment, implants and consumables. Its portfolio companies represent more than 200 principals. While its parent Everstone is a premier investment group focused on India and South East Asia, with assets in excess of $5 billion across private equity, real estate, green infrastructure and venture capital.