LeapFrog acquires majority stake in India’s Ascent Meditech

Photo: Bloomberg

LeapFrog Investments, an emerging markets-focused private equity firm, has acquired a majority stake in the Indian health products company Ascent Meditech Ltd.

Ascent Meditech’s orthopedics, pain and wound-care products are exported to 40 countries in Asia, Africa and the Middle East and its flagship Flamingo brand is available in more than 44 nations worldwide, according to an emailed statement from LeapFrog. Financial terms of LeapFrog’s investment weren’t disclosed.

LeapFrog, whose backers have included billionaire George Soros, has interests in health-care and financial-services businesses across 149 Asian and African markets. Last month, the firm invested in one of Nigeria’s largest pension-fund managers, ARM Pension Managers Ltd.

The private equity firm, which has operations in Johannesburg, Singapore and the U.K., touts its “profit with a purpose” strategy on its website. It said its companies reach 130 million people, most of them low-income consumers who are often accessing insurance, savings, pensions, credit and health care for the first time.

LeapFrog said in its statement that it will leverage its expertise in health care and emerging markets to support Ascent Meditech’s growth plans and to strengthen the Flamingo brand.

Rajiv Mistry, who founded Ascent Meditech in 1991 and had been the majority owner, will stay on as chief executive officer of the Mumbai-based company, according to the statement.

“We are delighted to partner with LeapFrog Investments, who share our vision of opening up access to quality and affordable health-care products and continuing to grow this market leading and trusted brand,” Mistry said in the statement. “Ascent Meditech will benefit greatly from LeapFrog’s extensive network, as the company enters its next phase of growth.”

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Bloomberg

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.