Singapore-based Everstone buys controlling stake in Calibre for Rs 1,000 cr

Singapore-headquartered, India-focused PE firm Everstone Capital bought a controlling stake in Calibre, a specialty ingredients player focused on pharma, in a reported Rs 1,000-crore deal

Singapore-headquartered, India-focused private equity firm Everstone Capital has acquired a controlling stake in Calibre, a specialty ingredients player focused on pharma, nutrition and personal care segments, in a reported Rs 1,000-crore deal.

Mumbai-headquartered Calibre, founded in 1984 by Ranjit Bhavnani in Gujarat, is a leading specialty ingredients player in the iodine derivatives, persulfates and perchlorates segments.

Though the companies did not disclose the deal value, a market source told PTI that the transaction is valued at around Rs 1,000 crore.

Calibre boasts of a customer base across 75 countries including the US, and those in Europe, Asia and exports contribute around two-thirds of its revenue, Everstone said in a statement, adding it has modern state manufacturing facilities at Sarigam in Gujarat.

While JM Financial advised Calibre, Everstone was advised by Alantra.

Sameer Sain, co-founder and chief executive of the Everstone Group said Calibre is a high quality and globally established player with significant untapped potential and combining the founder's entrepreneurial skills Everstone's operational expertise can help Calibre excel, innovate and scale.

Ranjit Bhavnani, the founder-chairman of Calibre said this deal marks the transformation of Calibre from a family owned to a professional one where we will continue to participate actively.

Everstone is one of the largest India and Southeast Asia-focused investors and its portfolio of companies include one of the largest nutraceutical ingredients businesses OmniActive, generic and specialty pharma maker Slayback Pharma and domestic pharma distribution platform Ascent Health amongst others.

Last year, Everstone exited from Rubicon Research generating returns of 4.5 times its investment.

The Everstone Group has assets of over USD 5 billion across private equity, real estate, infrastructure, and venture capital and its resource base spans New York, India, Singapore, London, and Mauritius.