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The Everstone Group, through its platform Everlife, has acquired Malaysia-based medical products and service provider Chemopharm Sdn Bhd for an undisclosed amount.
Chemopharm, which has operations in Singapore, Thailand, Indonesia, Vietnam, and the Philippines, is a leading player in the South-East Asia medical devices and equipment market that is growing at around 10-15 per cent annually. It represents more than 50 prestigious principals and caters to over 4,000 customers, including hospitals, laboratories and research facilities.
Everlife will address the critical need for scaled distributors with strong capabilities, which can provide regional access to the fragmented markets of South-East Asia, according to a statement from Everstone. Everlife is also in multiple discussions with companies in areas such as lab and diagnostic equipment, patient monitoring, and critical care. The Everlife platform will be led by industry veterans, Troy Bailey and Dr. Amit Kakar.
Bailey is a seasoned executive with over 20 years of experience in leading medical device businesses in Asia, including GE Healthcare. Dr. Kakar, a veteran in the industry for over three decades, has held leadership positions in GE Healthcare and Avenue Capital. The founder of Cure Capital, Dr. Arjun Oberoi, will sit on the Everlife board and work closely with its executive team.
Amit Manocha, Everstone Group MD and Everlife board member, said, "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 South-East Asia. This is what Everlife will address.”
The Everstone Group has significant experience in the healthcare sector. Similar to Everlife, Everstone has also invested in Ascent, the leading Indian pharma distribution platform, which has scaled rapidly under Everstone’s ownership.
Other Everstone investments in healthcare are Rubicon, a pioneering drug delivery technology company in India, as well asOmniActive, 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.
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