Everstone Group acquires Malaysia-based Chemopharm
Mumbai: Private equity firm Everstone Group, through its platform Everlife, has acquired Malaysia’s Chemopharm Sdn Bhd, a provider of products and services to laboratory, research and medical facilities in South-East Asia, the firm said in a statement.
Founded in 1976, Chemopharm is based in Malaysia with operations in Singapore, Thailand, Indonesia, Vietnam and the Philippines. The firm caters to over 4,000 customers, including hospitals, laboratories and research facilities.
Chemopharm founder and chief executive C.A. Ooi will continue in his existing role.
Everlife is also in multiple discussions with companies in areas such as lab and diagnostic equipment, patient monitoring and critical care.
“With the increasing priority given to compliances and best sales practices in the healthcare distribution value chain, there is a critical need for scaled distributors with strong capabilities, which can provide regional access to the fragmented markets of SouthEast Asia. This is what Everlife will address,” said Amit Manocha, managing director at Everstone Group, and Everlife board member. The Everlife platform is led by healthcare industry veterans Troy Bailey and Amit Kakar. Bailey has over 20 years of experience in leading medical device businesses in Asia, including GE Healthcare. Kakar has held leadership positions in GE Healthcare and Avenue Capital. Singapore-based Cure Capital is a co-investor.
For Everstone, healthcare has emerged as a priority sector. It has invested in Ascent, an Indian pharma distribution platform. Other Everstone investments in healthcare include Rubicon, a drug delivery technology company, and OmniActive, a major supplier of naturally sourced ingredients for eye health, weight management and heart health.
In 2015, Everstone successfully exited Global Hospitals, a large multi-specialty tertiary hospital chain.
The Everstone Group has assets under management of approximately $4 billion, with over 200 people working across six offices—Singapore, Mumbai, Delhi, Bengaluru, Mauritius and London.