LeapFrog acquires Indian medical device maker

Founded in 1991, Ascent claims to be India’s leading vertically integrated consumer medical goods distributor with some 15 million products sold to 150,000 retail pharmacies during 2017. The company, which markets under the Flamingo brand, exports to more than 40 countries across Asia, Africa, and the Middle East.

LeapFrog plans to leverage is healthcare and consumer experience as well as overseas networks to help the company expand across Southeast Asia and Africa. This work will include efforts to strengthen Flamingo-branded offerings and help developing new consumer-focused products.

“The Ascent Meditech team has achieved outstanding growth in the orthopedic and wound care market, addressing a core need for consumers with high-quality products and competitive prices, thus opening up accessibility,” Felix Olale, partner and global co-lead for health investments at LeapFrog, said in a statement.

Ascent focuses strongly on India’s elderly market, with more than 80% of the business involving orthopedic goods. The company expects the share of India’s population over the age of 60 is projected to increase from 8% today to 19% by 2050.

LeapFrog claims to have realized six full and partial exits from Indian brands and two healthcare-related exits in Africa. Current investments include Northern Arc Capital, formerly known as IFMR Capital, Magma Fincorp, Fincare, and NeoGrowth Credit, which received a $47 million funding round earlier this year.

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• Topics
• South Asia
• Consumer
• Healthcare
• Buyouts
• India
• LeapFrog Investments