Thailand's Lakeshore buys local drug brand

Lakeshore plans to help Devakam recruit a new management team to enact its growth strategy for the business, according to a release. The GP hopes to pursue new customer segments, introduce new product lines, and modernize the Namman Muay brand, as well as improve its sales channels.

Devakam was founded in 1946 and sells Namman Muay creams as an over-the-counter remedy through more than 7,000 drug stores nationwide. It also exports to select markets in Asia and Europe. Lakeshore expects the domestic market for analgesics to continue to grow thanks to both the aging population and a growing shift toward active lifestyles among younger Thai residents.

The Devakam acquisition marks the sixth investment from Lakeshore's debut Thailand-focused fund, which closed at $60 million in 2015. Other portfolio companies include personal care brand Panpuri, skincare company Aisance, and digital marketing service provider ReadyPlanet.

The GP has also completed its exit from Humanica, a provider of human resources and payroll outsourcing services that raised THB720 million ($23 million) in an IPO last year. The firm sold its remaining 13.8% stake in June. Based on trading history, the shares likely sold for between THB10-12.40 each. At close of trading on July 16, Humanica's stock stood at THB9.95, a considerable premium from the THB4.00 IPO price.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Southeast Asia
• Buyouts
• Consumer
• Healthcare
• Thailand
• Lakeshore Capital Partners