Everstone acquires Malaysia's Chemopharm
The Everstone Group has acquired Chemopharm, a provider of medical equipment based in Malaysia.
Singapore-based healthcare investment firm Cure Capital also participated, according to a release, taking a minority stake. Financial details have not been disclosed. C.A. Ooi, the founder and CEO of Chemopharm, will remain in place, along with the rest of his current leadership team.
Chemopharm is a leading provider of medical devices and equipment in Southeast Asia, representing more than 50 manufacturers of instruments, chemicals and services and selling to over 4,000 hospitals, laboratories, and research facilities. The company operates in Malaysia, Singapore, Thailand, Indonesia, Vietnam and the Philippines, and also provides consulting, technical and application support to customers.
Chemopharm will become part of Everstone’s Everlife platform, which targets healthcare investments in Asia with a particular focus on Southeast Asia. The firm sees significant opportunities in the region’s healthcare sector and is currently in discussions with companies in fields 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 of Everstone and board member of Everlife.
Everlife is run by Troy Bailey and Dr. Amit Kakar. Both are former executives at GE Healthcare and have experience in other regional healthcare businesses as well. Arjun Oberoi, the founder and CEO of Cure Capital and former global head of healthcare at Actis, is also a member of Everlife’s board.
Chemopharm represents Everstone’s fourth healthcare investment from its third fund, which closed in 2015 at $730 million. The fund’s previous healthcare deals were all for Indian companies: drug developer Rubicon Research; nutraceuticals ingredient supplier OmniActive Health Technologies; and drug delivery services provider Ascent Health.
More on Southeast Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.