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The Everstone Group through its healthcare platform Everlife has acquired a stake in Chennai-based CPC Diagnostics, to include core in-vitro diagnostics (IVD) segments in its portfolio of medical devices. This marks Everlife’s entry into India and its first investment in the country.
Founded in 1987, CPC Diagnostics (CPC) is a medical devices manufacturer and distributor with presence across India, Sri Lanka and Bangladesh, and exports to countries in Middle East and Europe.
It supplies a wide range of products and services to research and clinical laboratories. With this strategic investment, Everlife plans to support CPC’s manufacturing and distribution capabilities within India and South-East Asia, to become the leading IVD distributor in India.
Arjun Oberoi, Vice Chairman, Everlife and Managing Director (MD), Everstone Capital said, “We are delighted to invest in CPC Diagnostics and help scale up its presence across the diagnostics sector. 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.”
R Kailasnath, Managing Director (MD), CPC Diagnostics said, “We are excited about this partnership and look forward to work closely with Everlife’s leadership. Everlife is creating a pan South Asian and South-East Asian distribution and manufacturing platform for IVD and other laboratory/medical device segments and we are looking forward to contributing to this objective.”
The quantum of investments and the extent of stake bought in CPC Diagnostics was however not revealed.
The in-vitro diagnostics (IVD) segment is one of the largest within the medical devices market. CPC’s portfolio already overlaps with IVD’s biggest segments, namely the immunoassay, bio-chemistry and haematology segments. The investment would allow CPC to consolidate their position in these core segments while expanding territorial reach.
Everlife also has investments in Malaysia-based Chemopharm Group, a provider of products and solutions to laboratory, research and medical facilities in South-East Asia; DV Medika Group, manufacturer and distributor of one of Indonesia’s top brands of hospital furniture and other imported medical equipment and supplies; and Singapore-based Bio-REV Pte. Ltd., which specializes in distribution of reagents, media and consumables to the Life Sciences industry.
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