The Everstone Group has acquired an undisclosed stake in Mumbai-based OmniActive Health Technologies for $35m.
The acquisition is aimed at accelerating Everstone's growth in the fast-expanding nutraceuticals space.
OmniActive is a major supplier of naturally sourced ingredients to global nutraceutical companies that provide food supplements and nutritional fortification.
It has manufacturing facilities, research and development (R&D) centres across India and Canada, and sales and marketing presence across the US, Europe and Asia.
Everstone Group co-founder and managing partner Sameer Sain said: “This investment will help OmniActive scale its already strong presence in the fast-growing nutraceutical space. We are excited about partnering with the Mariwala family and building a world-class global business.”
Founded in 2005, OmniActive has emerged as one of the leading nutraceutical ingredient supplier to international markets from India.
Its growth has been supported by a gradual shift in the sector towards consumption of natural products.
OmniActive managing director Sanjaya Mariwala said: “With the support of its experienced teams and funding, OmniActive looks forward to building on our history of solid organic growth by further strengthening our presence globally using innovative products and technologies.
“This will be done by also growing inorganically to bring a wider product portfolio of responsibly made ingredients to our customers through our strategic acquisitions,”
Avendus Capital served as the advisor to OmniActive on the transaction as the investment banker.
OmniActive intends to use the proceeds from the deal to support its inorganic growth strategy and execute the acquisition opportunities it has identified.
The Everstone Group is a major India and Southeast Asia focused private equity and real estate investment firm with assets under management of $3.3bn.
