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Last Updated : Aug 28, 2019 04:31 PM IST | Source: Moneycontrol.com

PE firm Everstone Group picks up minority stake in Delhi-based stent maker Translumina

"The proceeds from the investment will help Translumina accelerate the company’s growth and scale its operations globally," Everstone said in a statement.

Viswanath Pilla @viswanath_pilla

Singapore-based private equity firm Everstone Group August 28 said it has made a significant investment to acquire a minority stake in cardiac stent maker Translumina, headquartered in New Delhi.

The financial details of the deal were not disclosed.

Translumina makes and distributes cardiac stents and cardiovascular medical devices, having sourced its technology from the German Heart Centre, based in Munich.

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"The proceeds from the investment will help Translumina accelerate the company’s growth and scale its operations globally," Everstone said in a statement.

The company developed Yukon Choice PC drug-eluting stents in collaboration with the German Heart Centre. The company manufactures these Yukon brand stents at the Dehradun facility, holding around 15 percent share of the Rs 1,500 crore stents market in India.

It competes with other Indian and global stent makers such as SMT, Abbott, among others.

Translumina benefits from end-to-end development and manufacturing capabilities of stent delivery systems in India and Germany. The company distributes its products in over 30 countries across Europe, Asia, Latin America and the Middle East.

Everstone’s partnership will help the company acquire global assets, augment the company’s research and development efforts, bolster its India manufacturing capabilities and enhance Translumina’s distribution ecosystem.

The stent maker told Moneycontrol in November last year that it is in the process of raising funds from PE investors for expansion. The company was considering to aggressively participate in tender markets in Europe, in addition, to do clinical trials and commercialise the Yukon Choice stent in the US with the help of a local partner in that market.

Everstone 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.

In March, the PE firm picked up a significant stake in Chennai-based diagnostic equipment and reagent maker for an undisclosed sum.

“Translumina is extremely well-positioned to emerge as a global leader in stents and cardiovascular technologies at highly affordable prices," said Arjun Oberoi, Managing Director, Everstone Group.

"Everstone’s expertise in healthcare will help unlock the company’s full potential by scaling manufacturing, strengthening its global distribution and driving new product development,” Oberoi added.

“Everstone’s sectoral and international experience will help Translumina achieve its’ global ambition by strengthening our organization and systems while retaining our agility and entrepreneurial spirit to create strong footprints in the healthcare market,” said Gurmit Singh Chugh, Chairman of Translumina.

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First Published on Aug 28, 2019 04:09 pm
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