Singapore –headquartered private equity firm, Everstone Capital has signed an agreement to acquire a controlling stake in Mumbai based Calibre Chemicals Pvt. Ltd., a manufacturer of specialty ingredients for pharmaceutical and personal care segment.
However the PE firm did not disclose the financial terms of the deal or the size of an investment.
“This is a game-changer moment for us at Calibre and it marks the transformation of the company from a family-owned to professional one where we will continue to participate actively. We could not have found a better majority partner than Everstone as we together embark on a journey that looks both promising and fulfilling.” Calibre Founder. Chairman and Managing Director, Mr. Ranjit Bhavnani said in a statement.
Everstone Capital will help Calibre scale and innovate its business, co-founder and chief executive officer of the private equity firm Sameer Sain said.
Founded in 1984, Calibre is a specialty ingredients manufacturer of iodine derivatives, persulfates and perchlorates. Its customer span across the US, Europe, Asia and exports contribute to about two third of revenue. The company has manufacturing facilities at Sarigam, Gujarat. It reported net sales of Rs 378.8 crore for the financial year that ended in March 2019 with a profit of Rs 48.8 crore.
PRNews