Creador, InvAscent invest $68m in India medical supplier
Malaysia-based Creador and Indian healthcare specialist InvAscent have invested a combined USD 68m in Indian medical equipment supplier Accumax Lab Devices.
InvAscent is investing via its third India Life Sciences Fund, which closed on USD 250m in 2019. Southeast Asia-focused Creador, which has roots in India and invests about a third of its capital in the country, closed its fifth fund earlier this year on USD 680m.
Accumax, which claims to be among the largest players in its segment locally, has established six factories with about 1,500 staff across India and Germany since its inception in 2003. It supplies about 2,300 different kinds of precision lab consumables, scientific instruments, and related benchtop equipment to customers such as hospitals, universities, and laboratories in 120 countries.
The company claims to offer an end-to-end, computer-aided engineering and design service with capacities around prototyping, testing and certification, electronics, software, and manufacturing methods including 3D printing. Customised design and production services are also available, both technically and with respect to branding; equipment can be shaped, coloured, and logoed to order.
Healthcare and India are significant areas of interest for Creador. The private equity firm has a 25-strong team in India, including its CIO Kabri Thakur, who expects the country to represent up to 45% of the portfolio in the years to come. Recent healthcare activity includes the sale of pharmaceuticals maker Corona Remedies to ChrysCapital Partners, generating a 3.7x multiple and 32% IRR.
India Life Sciences Fund III more than doubled the size of its predecessor, with Hari Buggana, a managing director at InvAscent noting growing opportunities in themes such as India’s increasingly global-facing healthcare sector and new local applications of healthcare technology. Earlier this year, the firm participated in a USD 125m Series C round for doctor-patient platform MediBuddy.
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