Everstone picks up minority stake in stent company Translumina
Summary
MUMBAI: Private equity firm Everstone Capital, one of India’s largest investment houses, has acquired a significant minority stake in Translumina Therapeutics, a domestic manufacturer and distributor of cardiac stents and cardiovascular medical devices, in a deal worth Rs 500 crore, company officials said.The company is one the top three stent manufacturers in India, along with Sahajanand Medical Technologies and Meril Life Sciences. About 40% of India’s stent market has been cornered by multinational companies like Medtronic , Abbott Laboratories, Boston Scientific Corporation and B Braun Medical.Translumina Therapeutics was founded by Gurmit Singh Chugh and Punita Sharma Arora in 2010. Its flagship brand, Yukon Choice PC, is manufactured in India and Germany in technical collaboration with Translumina GmbH and the German Heart Centre in Munich. The company distributes its products in over 30 countries across Europe, Asia, Latin America and the Middle East.The funding will help Translumina acquire global assets, augment its research and development efforts, bolster its India manufacturing capabilities and enhance its distribution ecosystem.“Everstone’s sectoral and international experience will help Translumina achieve its global ambition by strengthening our organisation and systems,” said Chugh, chairman of Translumina.Translumina has a 15% share of the domestic drug eluting stent (DES) market, which is pegged at ?1,500 crore. Chennai-based medical equipment maker Trivitron Healthcare is backed by private equity firms True North and Eight Roads Ventures.Everstone, which manages assets in excess of $5 billion, has investments in the pharma and healthcare sectors including Sahyadri Hospitals, domestic pharma distribution platform Ascent Health, and Southeast Asia-based diagnostic device platform Everlife.