<article>Bangkok-based private equity firm <a href="https://www.dealstreetasia.com/?s=lakeshore+capital">Lakeshore Capital</a> has taken up a controlling stake in Thai analgesic product maker Devakam Apothecary Hall, it said in an announcement today.</article>

Bangkok-based private equity firm <a href="https://www.dealstreetasia.com/?s=lakeshore+capital">Lakeshore Capital</a> has taken up a controlling stake in Thai analgesic product maker Devakam Apothecary Hall, it said in an announcement today.
Financial terms were not disclosed.
Devakam is a manufacturer and distributor of topical analgesic products for muscle relief under the brand name &#8216;Namman Muay&#8217; (meaning &#8216;boxing oil&#8217; in Thai).
Established in 1946, Devakam has a strong brand heritage and sells its products, which are registered as over-the-counter drugs, through distributors that supply to over 7,000 drugstores nationwide. It also exports its products to several countries in Asia and Europe.
Along with the investment, Lakeshore Capital has formed a new management team to drive Devakam&#8217;s growth strategy, which includes brand modernization, channel improvements, expansion into new customer segments, and the introduction of new product lines.
&#8220;We expect the topical analgesic market to grow steadily with the increasing active lifestyle trend and aging population. This transaction again illustrates Lakeshore’s ability to source attractive proprietary transactions and successfully execute both minority and control investments. The team has a proven track record in business transformation and believes that in a maturing and relatively well banked market such as Thailand, entrepreneurs and company owners are looking for a private equity investor that becomes a true business partner, not just a provider of capital,&#8221; said Lakeshore Capital.
Devakam marks the PE firm&#8217;s sixth investment from its $60-million Lakeshore Capital Fund I. The fund has previously invested in skincare company Aisance as well as made growth investments in Thai wellness brand Panpuri, digital marketing company ReadyPlanet, restaurant chain Santa Fe and HR outsourcing company Humanica.
The PE firm also announced last month that it had fully exited Humanica, having divested its remaining 13.8 per cent stake through block trades to local institutions on the Stock Exchange of Thailand. Humanica was the fund&#8217;s first investment. Financial terms were not disclosed.
&#8220;This transaction demonstrates Lakeshore’s ability to exit through the public market in spite of the generally challenging market conditions globally and provides a very solid performance foundation for its first fund,&#8221; Lakeshore Capital had then said.
Founded in 2009, Lakeshore Capital focuses on growth-stage businesses in Thailand and the Greater Mekong Sub-region. Its <a href="https://www.dealstreetasia.com/stories/lakeshore-capital-asia-closes-first-thai-focussed-fund-at-60m-20282/">$60 million Lakeshore Capital Fund I</a> was the firm&#8217;s first Thailand-focused fund and was closed late 2015 with one-third of the commitment coming from the International Finance Corporation (IFC).
Also Read: 
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/lakeshore-capital-invests-in-thai-wellness-brand-panpuri-92209/">Lakeshore Capital invests in Thai wellness brand PAÑPURI</a>
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/lakeshore-capital-acquires-controlling-stakes-aisance-15-9m-85926/">Thai PE firm Lakeshore acquires controlling stake in skincare firm Aisance for $15.9m</a>

Thai PE Lakeshore Capital snags controlling stake in Devakam Apothecary Hall

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