Warburg & Other PE Firms in Talks to Acquire Kochi-based Agappe Diagnostics
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The proposed transaction involves the sale of around a 25% stake in the diagnostics company.
Several global private equity firms, including Warburg Pincus, TA Associates, Bain Capital, and CVC Capital, are reportedly in preliminary discussions to acquire a minority stake in Kochi-based Agappe Diagnostics.
The proposed transaction involves the sale of around a 25% stake in the diagnostics company.
If completed, the deal could value Agappe Diagnostics at approximately INR 3,000-3,200 crore, with the stake sale estimated at INR 700-750 crore. Mauritius-based Sycamore Holdings, through its investment manager Konark Capital, is also reported to be participating in the process.
Founded in 1994, Agappe develops and makes diagnostic reagents and equipment for the global IVD market, with a strong presence in clinical chemistry. The company supplies clinical chemistry, haematology, and immunochemistry products to more than 70,000 laboratories across more than 90 countries.
Currently, Mauritius-based Sycamore Holdings, through its investment manager Konark Capital Partners, holds around 20% in Agappe while the remainder is held by the promoter.
Konark had acquired its stake in 2015 for about INR 50 crore.
In addition, Agappe also operates a wholly owned subsidiary, Agappe Diagnostics Switzerland GmbH, for the international markets. It is also the exclusive Indian distributor for global medical technology companies including Toshiba Medical Systems Corporation (Japan), Mindray (China), and i-SENS (South Korea).
The diagnostic firm reported FY25 revenue of $61 million, EBITDA of $8.7 million, and profit after tax of $3.7 million, according to the latest available data from Tracxn.
Further, the company is expected to clock INR 650 crore in revenue and INR 100-120 crore in EBITDA in FY27.
As per reports, the discussions are at an early stage, and no definitive agreement has been announced. The transaction terms, valuation, and participating investors may change as negotiations progress.
In a separate development, the US-based private equity firm Warburg Pincus is in advanced talks to acquire a key business unit of Maneesh Pharmaceuticals in a transaction valued at INR 1,600 crore to INR 1,800 crore, reflecting the firm's continued interest in India's healthcare sector.
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