Alantra advises Everstone Capital on its acquisition of Calibre

Dec 2020

Buy-side advisory

Alantra, the independent global mid-market investment banking firm, has advised Everstone Capital on its agreement to acquire a controlling stake in Calibre, a specialty ingredients manufacturer focused on the pharmaceutical, nutritional and personal care segments.

Founded in 1984 by Ranjit Bhavnani, Calibre makes Iodine Derivatives, Persulfates and Perchlorates and has customer relationships across 75 countries. Calibre’s customers span the US, Europe and Asia and exports contribute around two-thirds of revenue. Calibre is headquartered in Mumbai and has manufacturing facilities at Sarigam, Gujarat, conforming to globally-recognised certifications and registrations such as FDA, REACH, FSSAI and ISO.

Everstone is one of the largest India and South East Asia-focused investors specialising in rolling up assets within its platforms. Everstone’s portfolio companies also include one of the largest nutraceutical ingredients business, OmniActive; complex generic and specialty pharmaceutical products manufacturer, Slayback Pharma; and domestic pharma distribution platform, Ascent Health.

This deal represents Alantra’s fourth transaction in the chemicals segment in 2020 and follows advising Solvay on its negotiations with Composites One for the sale of its Process Materials business, Elkem’s acquisition of China Polysil Chemicals and Bridgepoint’s acquisition of PharmaZell. The Alantra deal team included managing directors Aamit Joshi and Dr. Bernd Schneider, who together lead Alantra’s Global Chemicals team, vice president Mike Falzon and associate Tom Nash.

Aamit Joshi, Managing Director and Co-head of Chemicals, said, “We’re delighted to have advised Everstone Capital on this transaction. Everstone Capital’s experience in investing in and building businesses like Calibre makes it the ideal partner as Calibre starts the next stage phase of growth.”  

Dr. Bernd Schneider, Managing Director and Co-head of Chemicals, added, “Calibre is already a leading speciality ingredients player in its niches with substantial market share in several of its product-application offerings, both in India as well as exports. We see an exciting future ahead with the business having sizeable opportunities to expand into new products and applications and further enhance its reputation as a supplier of quality and choice.”

Sameer Sain, co-founder and CEO, Everstone Group, commented, “Calibre is a high quality and a globally established player with significant untapped potential. Combining the founding family’s entrepreneurial skills and strong governance with Everstone’s operational expertise and experience, we expect Calibre to excel, innovate and scale.”

Ranjit Bhavnani, founder, chairman and managing director of Calibre, said,  “This is a game changer moment for us at Calibre and it marks the transformation of the company from a family owned to a professional one where we will continue to participate actively.”