Everstone Group’s private equity arm, Everstone Capital, acquired a controlling stake in Softgel Healthcare Private Limited (SHPL). The company has not disclosed the amount yet.

The firm said that with the support of the strategic resources of Everstone, it will help it to scale, diversify, and become a globally recognised contract research, development, and manufacturing organisation in India. According to the source, the company is valued at $125 million. However, it did not disclose the valuation.

Chennai-headquartered SHPL is part of Madras Pharma Group, a pharmaceutical contract manufacturing company, and deals in pharma, nutraceuticals, and over-the-counter (OTC) products. It has eight manufacturing facilities covering all dosage forms. SHPL has expertise in the research, development, and manufacturing of soft gelatine capsules and probiotics.

More than 80% of the company's sales are in exports. The company has a customer base across the Americas, Africa, Asia, and India. SPHL has a manufacturing unit in Chennai, conforming to globally recognised certifications and registrations such as Health Canada. USFDA, TGA, and EU-GMP.

Sameer Sain, co-founder and chief executive officer of Everstone Group, said that the company, with its expertise in manufacturing products in advanced dosage forms, is well positioned to be a global leader in the CDMO segment.

Everstone Capital broadly invests in sectors such as pharma and healthcare, consumer, and financial services, in addition to technology services companies. In 2015, the PE firm raised $730 million for the third fund, which invested in pharma, healthcare, financial services, consumer and IT services businesses.