Everstone buys India's Softgel Healthcare

SHPL is part of the Madras Pharma Group, a leading pharmaceutical contract manufacturer in southern India, that claims to cover all dosage forms. The company specialises in soft gelatine capsules and probiotics.

The lead production centre is Chennai, where the factory has globally recognised certifications and registrations, including with US and EU authorities. Customers include companies in the nutraceutical, pharmaceutical and over-the-counter segments across Asia, the Americas, and Africa. Exports account for more than 80% of sales.

Downstream suppliers in Indian pharma have seen a rapid increase in private equity attention since the US Food & Drug Administration (FDA) set up an office in the country in 2008 and subsequently compelled the industry to embrace more international compliance norms. India now has the most FDA-approved drug factories outside the US.

“The company, with its strong R&D capabilities and ability to manufacture products in advanced dosage forms, is well positioned to be a global leader in the CDMO [contract development and manufacturing organisation] segment,” Sameer Sain, co-founder and CEO of Everstone, said in a statement.

“We believe that Everstone's value creation playbook will help SHPL realise its global goals and propel the company into its next phase of growth."

Everstone focuses on the mid-market with a control mindset and a growth bias. It launched its fourth flagship fund last year with a target of USD 950m; Fund III raised USD 730m in 2015. Assets under management across all asset classes amount to about USD 3.3bn.

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• Topics
• South Asia
• Healthcare
• Buyouts
• India
• Everstone Capital
• Pharmaceuticals
• manufacturing