Private equity (PE) firm Warburg Pincus on Wednesday said it has acquired a stake in Appasamy Associates Ltd, an Indian manufacturer of ophthalmic equipment and devices.
While the company declined to disclose the deal value, they said it is the largest investment in the healthcare sector by the firm in India.
DealStreetAsia reported in July last year that Kedaara Capital and Warburg Pincus are said to be in talks to invest in Appasamy Associates as its promoters seek to divest a majority stake in the company.
Based in India, Appasamy claims to be the largest Indian manufacturer of ophthalmic equipment and intraocular lenses (IOLs).
“We are witnessing a period of strong growth for the Indian healthcare sector, particularly ophthalmology, and we expect to see significant opportunities in both the domestic and export markets,” Senthil Kumar, CEO, Appasamy, said.
Appasamy will continue to be led Kumar, the recently-appointed CEO who will drive
the business going forward with the support of the promoter family and in partnership with Warburg Pincus.
Warburg Pincus has been investing in healthcare for over 50 years and counts Ensemble Health Partners, Quantum Health, Alignment Healthcare, Modernizing Medicine, Qualifacts, and ParetoHealth, among its portfolio firms. Some of the firm’s investments in the Indian healthcare sector include Meril Life Sciences, MedPlus, Laurus Labs, and Metropolis Healthcare.
Warburg Pincus has more than $83 billion in assets under management. Its active portfolio of more than 250 companies is highly diversified by stage, sector, and geography.
