Everstone Group said on Wednesday its healthcare platform Everlife had acquired a stake in Chennai-based CPC Diagnostics, to include core in-vitro diagnostics (IVD) segments in its portfolio of medical devices and extend its geographical presence to India, with this first investment in the country.
The group did not disclose the stake it acquired or the transaction cost but pointed out that it bought a controlling stake. Everlife plans to build a multi-million-dollar platform in the near future, the group stated.
Founded in 1987, CPC Diagnostics (CPC) is a medical devices manufacturer and distributor with a presence across India, Sri Lanka and Bangladesh, and exports to countries in the Middle East and Europe. It supplies a 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, Everstone said in a release.
Everstone further pointed out that Everlife also has investments in Malaysia-based Chemopharm Group, a provider of products and solutions to laboratory, research and medical facilities in Southeast Asia; DV Medika Group, manufacturer and distributor of one of Indonesia s brands of hospital furniture and other imported medical equipment and supplies; and Singapore-based Bio-REV, which specialises in distribution of reagents, media and consumables to the life sciences industry.
Arjun Oberoi, vice-chairman at Everlife, stated that the firm is 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 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, he said.
R Kailasnath, managing director, CPC Diagnostics, pointed out that Everlife is creating a pan-South Asian and Southeast Asian distribution and manufacturing platform for IVD and other laboratory/medical device segments.
According to Everstone, 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, it said.