Everstone invests $35m in India's OmniActive Health
The Everstone Group has committed $35 million to Indian nutraceuticals ingredient supplier OmniActive Health Technologies. It is the firm’s third pharmaceuticals investment in less than a year.
According to a statement, Everstone will take a significant minority stake in the company via its third private equity fund, which closed in 2015 above target at $730 million. The capital will be used to diversify product offerings and promote growth through acquisition, especially in Europe and Asia.
Founded in 2005, OmniActive provides ingredients for eye health, weight management and heart health to global food supplement and nutrition companies. It maintains manufacturing facilities and R&D centers in India and Canada as well as a marketing presence across the US, Europe and Asia. It claims to have completed 12 human clinical trials in healthy populations across its portfolio of branded products with the past 18 months.
The company is targeting a global nutraceuticals supplement market that is estimated to value $168 billion by 2020. Its current operational footprint focuses largely on the US, which represents more than one-third of global sales. The Indian market is expected to value $6.1 billion by 2020 on the back rising incomes and accelerating trends in healthier living.
Everstone's recent activity in the Indian health space includes the acquisition of a majority stake in pharmaceutical delivery services provider Ascent Health. In October, the GP bought a 70% interest in drug developer Rubicon Research for INR2.2 billion ($32.3 million), providing an exit for existing backer Kotak Private Equity.
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