Viswanath Pilla Moneycontrol News
The Everstone Group on March 13 said it has acquired a stake in Chennai-based CPC Diagnostics, through its healthcare platform Everlife for an undisclosed amount.
Founded in 1987, CPC is a medical devices manufacturer and distributor with presence across India, Sri Lanka and Bangladesh, and exports to countries in the Middle East and Europe. The company supplies a wide range of products and services related to in-vitro diagnostics (IVD) to research and clinical laboratories.
Everstone Group is focused on India and South East Asia, with assets in excess of $5 billion across private equity, real estate, green infrastructure and venture capital. The investment marks Everlife’s entry into India. Everlife is focused on manufacturers and distributors in the region covering key strategic segments including IVD, medical diagnostics, critical care equipment, implants and consumables.
With this strategic investment, Everlife plans to support CPC’s manufacturing and distribution capabilities within India and South-East Asia, to become the leading IVD distributor in the region.
“We are delighted to invest in CPC Diagnostics and help scale up its presence across the diagnostics sector," said Arjun Oberoi, Vice Chairman, Everlife and Managing Director (MD) of Everstone Capital.
"Its 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,” Oberoi added.
R. Kailasnath, Managing Director of CPC said through this partnership, CPC will work closely with Everlife’s leadership.
Everlife is creating a pan-South Asian and South-East Asian distribution and manufacturing platform for IVD and other laboratory/medical device segments.
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, biochemistry and haematology segments.
Everlife also has investments in Malaysia-based Chemopharm Group, a leading provider of products and solutions to the 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.., which specialises in the distribution of reagents, media and consumables to the Life Sciences industry.
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