PE fund Everstone to acquire speciality ingredients firm Calibre

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Singapore-headquartered Everstone Capital has signed an agreement to acquire a controlling stake in Calibre, a speciality ingredients player focused on the pharmaceutical, nutritional and personal care segments, the private equity firm said in an official release on December 6. The deal valuation was undisclosed.

Everstone Capital backs Burger King India which has received an overwhelming response to its IPO with strong demand across all investor categories.

Founded in 1984 by Ranjit Bhavnani, Calibre makes Iodine Derivatives, Persulfates and Perchlorates and has customer relationships across 75 countries. Calibre’s customers span across US, Europe, Asia and exports contribute approximately two-third to its revenue. Calibre is headquartered in Mumbai and has manufacturing facilities at Sarigam, Gujarat, conforming to globally-recognized certifications and registrations such as FDA, REACH, FSSAI and ISO.

Commenting on the investment, Sameer Sain, Co-founder and CEO, Everstone Group, said: “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.”

Sharing his views, Ranjit Bhavnani, Founder, Chairman and MD, Calibre said: “This is a game changer moment for us at Calibre and it marks the transformation of the company from a family-owned to a professional one where we will continue to participate actively. We could not have found a better majority partner than Everstone as we together embark on a journey that looks both promising and fulfilling.”

Everstone is one of the largest India and South East Asia-focused investor specializing in rolling up assets within its platforms. Everstone’s portfolio companies also include one of the largest nutraceutical ingredients business - OmniActive, complex generic and specialty pharmaceutical products manufacturer - Slayback Pharma, and domestic pharma distribution platform - Ascent Health, amongst others. Last year, Everstone announced its successful exit from Rubicon Research (Rubicon) generating returns of 4.5x.

JM Financial and Alantra advised Calibre and Everstone, respectively. JSA and KPMG acted as the legal and financial diligence advisors to Calibre. Cyril Amarchand Mangaldas and Ernst & Young acted as the legal and financial diligence advisors to Everstone.