Private equity firm Everstone, through its healthcare platform Everlife, has acquired a stake in Chennai-based CPC Diagnostics, the PE investor said in a statement.
Everlife invests in manufacturers and distributors in segments such as in-vitro diagnostics, medical diagnostics, critical care equipment, implants and consumables
The deal will help Everlife include core in-vitro diagnostics segments in its portfolio of medical devices and expand its presence to India, with this first investment in the country, the statement said.
Financial details of the deal were not disclosed.
“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 Arjun Oberoi, vice-chairman, Everlife and managing director at Everstone Capital.
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.
This article was first published on livemint.com.