Everstone has acquired a leading provider of laboratory solutions Chemopharm Sdn Bhd. Singapore-based Cure Capital is a co-investor, along with Everstone.

The Everstone Group via its platform Everlife has acquired Malaysia-based Chemopharm Sdn Bhd., a leading provider of products and services’ solutions to laboratory, research and medical facilities in Southeast Asia. Singapore-based Cure Capital is a co-investor, along with Everstone.

Founded in 1976, Chemopharm Sdn Bhd. is headquartered in Malaysia with operations in Singapore, Thailand, Indonesia, Vietnam, and the Philippines. The company is a leading player in the Southeast Asia medical device/equipment market that is growing at around 10-15% annually. It represents more than 50 prestigious principals and caters to over 4,000 customers, including hospitals, laboratories and research facilities.

Everlife is also in multiple discussions with companies in areas such as lab and diagnostic equipment, patient monitoring, and critical care. The Everlife platform will be led by industry veterans, Troy Bailey and Dr. Amit Kakar. Bailey is a seasoned executive with over 20 years of experience in leading medical device businesses in Asia, including GE Healthcare. Dr. Kakar, a veteran in the industry for over three decades, has held leadership positions in GE Healthcare and Avenue Capital. The founder of Cure Capital, Dr. Arjun Oberoi, will sit on the Everlife board and work closely with its executive team.

The Founder & CEO of Chemopharm Sdn Bhd., C A Ooi, will continue in his existing role. The rest of Chemopharm’s leadership will also remain integral to the management team.

Amit Manocha, Everstone Group MD and Everlife board member, stated: “With the increasing priority given to compliances and best sales practices in the healthcare distribution value chain, there is a critical need for scaled distributors with strong capabilities, which can provide regional access to the fragmented markets of Southeast Asia. This is what Everlife will address.”

Commenting on the investment, Ooi said: “The team and I are excited about this partnership and the value of being part of the Everlife platform. We will work closely with Everlife’s leadership to expand the business regionally.”

Bailey, the new CEO of Everlife, said: “I recognise the tremendous value that Chemopharm and its executive team bring to Everlife in what will be an exciting journey of scaling the platform in existing and new geographies and into new product segments.”

The Everstone Group has significant experience in the healthcare sector. Similar to Everlife, Everstone has also invested in Ascent, the leading Indian pharma distribution platform, which has scaled rapidly under Everstone’s ownership.

Other Everstone investments in healthcare are Rubicon, a pioneering drug delivery technology company in India, as well as OmniActive, a major supplier of naturally sourced ingredients for eye health, weight management and heart health. In 2015 Everstone successfully exited Global Hospitals, a large multi-specialty tertiary hospital chain.