Private equity firm Everstone Group’s healthcare platform Everlife has made its first investment in India by acquiring a stake in Chennai-based CPC Diagnostics. The acquisition will allow the group to include core in-vitro diagnostics (IVD) segments in its portfolio of medical devices and extend its geographical presence in India.
With the 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 India.
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 wide range of products and services to research and clinical laboratories.
Dr. Arjun Oberoi, Vice Chairman, Everlife and Managing Director, Everstone Capital said they will help CPC Diagnostics to scale up 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,” said Oberoi.
R Kailasnath, Managing Director, CPC Diagnostics said that 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. The investment would allow CPC to consolidate its position in these core segments while expanding territorial reach.
Everlife also has investments in Malaysia-based Chemopharm Group, a leading provider of products and solutions to 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. Ltd., which specialises in distribution of reagents, media and consumables to the Life Sciences industry.