Private equity firms Creador and India Life Sciences Fund have invested $68 mn (Rs520 crore) in Ahmedabad-based Accumax Lab Devices, an export-focused manufacturer of laboratory consumables and benchtop equipment.
Established in 2003 by Chirag Shah and Tejas Shah, Accumax has six manufacturing facilities in India and Germany, employing 1,500 people to service its customers in more than 120 countries.
“Chirag and Tejas have deep design and manufacturing capabilities, with built infrastructure of 450,000 sq ft including 75000 sq ft of clean room manufacturing facilities. This has enabled them to have an extensive product portfolio of more than 2,300 SKUs, becoming the supplier of choice for global customers as well as original equipment manufacturers,” said Vaibhav Doshi of Creador.
“India Life Sciences Fund III is excited to partner with Accumax which has built global presence and scale over the last 20 years under the leadership of Chirag and Tejas, and is poised to benefit from the increased global focus and investments in vaccines, biopharma and pharma research activities post the COVID-19 pandemic,” said Sumit Gupta, Managing Director, InvAscent (Advisor to India Life Sciences Fund III).
Creador is a private equity firm focused on long-term investments in growth-oriented businesses in Southeast Asia and South Asia.
