Everstone acquires stake in Chennai based CPC Diagnostics
The strategic partnership with Everstone Group will help CPC Diagnostics take its product portfolio to new customers and markets, the Chennai-based company's managing director R Kailasnath said in a statement.
Mumbai: In a strategic move to augment its presence in India, Private equity firm, Everstone Group has acquired a stake in Chennai-based CPC Diagnostics via its pan-Asian healthcare platform, Everlife. The acquisition intends to include core in-vitro diagnostics (IVD) segments in its portfolio of medical devices.
Everstone had launched Everlife in late 2017. Everlife invests in manufacturers and distributors in segments such as in-vitro diagnostics, medical diagnostics, critical care equipment, implants and consumables.
The company said in a statement that the current acquisition will help Everlife, with this first investment in the country to include core in-vitro diagnostics segments in its portfolio of medical devices and expand its presence to India.
The in-vitro diagnostics (IVD) segment is one of the largest within the medical devices market.
Arjun Oberoi, Vice Chairman, Everlife and Managing Director (MD) of Everstone Capital said, "We are 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," Oberoi added.
Commenting on the same, 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 strategic partnership will help CPC Diagnostics take its product portfolio to new customers and markets, the Chennai-based company's managing director R Kailasnath said in a statement.
Founded in 1987, CPC Diagnostics is a medical devices manufacturer and distributor with 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.