The Everstone Group, through its healthcare business platform Everlife, has acquired a stake in CPC Diagnostics, a medical devices manufacturer and distributor located in the Indian sate of Tamil Nadu.
CPC Diagnostics, which was established in 1987, has presence across south Asian countries like India, Sri Lanka and Bangladesh, and exports to countries in Middle East and Europe.
Everlife said that the present transaction marks its first strategic investment in India and includes core in-vitro diagnostics (IVD) segments in its portfolio of medical devices.
Through its invesment, Everlife aims to support CPC’s manufacturing and distribution capabilities within India and South-East Asia.
Everstone Capital managing director and Everlife vice chairman Dr. Arjun Oberoi 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.”
The IVD segment forms the largest market among the medical devices and CPC already has a portfolio that overlaps with biggest segments within IVDs, like immunoassay, bio-chemistry and hematology segments.
The company said that the present acquisition would facilitate CPC to combine its position in the core IVD segments along with expanding company’s territorial reach.
CPC Diagnostics managing director R. Kailasnath said: “We are excited about this partnership and look forward to work closely with Everlife’s leadership. Everlife is creating a pan South Asian and South-East Asian distribution and manufacturing platform for IVD and other laboratory/medical device segments and we are looking forward to contributing to this objective.”
Everlife claims that it also has investments in Malaysia-based Chemopharm Group, a products and solutions provider for laboratory, research and medical facilities; Indonesia-based DV Medika Group, a manufacturer and distributor of imported medical equipment and supplies; and Singapore-based Bio-REV, specializes in distribution of reagents, media and consumables to the Life Sciences industry.