Mar 2 2011
Avantor™ Performance Materials Holdings S.A. has completed its acquisition of RFCL Limited from ICICI Venture Funds Management Company Limited.
Avantor, previously known as Mallinckrodt Baker, and its subsidiaries manufacture and market high-performance chemistries and materials around the world under two well-known and respected brand names, J.T.Baker® and Macron™ Chemicals (formerly Mallinckrodt® Chemicals). Terms of the deal were not disclosed.
Avantor identified RFCL as an attractive target to build on its current presence in the laboratory and pharmaceutical markets in India. With this acquisition complete, Avantor and its owner, an affiliate of New Mountain Capital, L.L.C., will provide RFCL with significant financial and strategic resources to support their growth initiatives.
Headquartered in New Delhi, RFCL is a leader in laboratory reagents and consumables as well as products for the medical diagnostics market in India. Through its Rankem division, RFCL offers more than 20,000 laboratory products to more than 5,000 customers across a variety of industries including pharmaceuticals, biotech, research organizations and educational institutions. RFCL's Diagnova division offers approximately 2,000 products used by more than 6,000 customers primarily in the Indian in vitro diagnostics, medical devices and life science research markets, which cater to hospitals, pathology laboratories and blood banks.
"We see significant growth opportunities resulting from the combined resources of Avantor and RFCL, and we believe that both Avantor and New Mountain share our values and our vision to realize these opportunities," said Sushil Mehta, Managing Director of RFCL. "We are excited to join Avantor and we look forward to enhancing the service and value we provide to our customers."
"This acquisition will enable RFCL to take advantage of new opportunities," said Prashant Purker, Executive Director at ICICI Venture. "This type of outcome is consistent with ICICI Venture's way of investing, where we create value for all stakeholders. With this transaction, we have affected a complete exit from our investment in RFCL."
"We look forward to working with the RFCL leadership team to capture the full potential from this combination," said Jean-Marc Gilson, President and CEO of Avantor. "We believe that RCFL is the perfect partner for us as we expand our presence in this region and provide solutions for global customers in the laboratory, pharmaceutical and electronic materials industries."
Matt Holt, Managing Director at New Mountain Capital, said, "As Avantor continues to significantly expand its global presence, this acquisition in particular represents an important, strategic step in becoming a leading global supplier of performance chemistries. We look forward to supporting the effort to build the combined business."
Lazard India Private Limited acted as the sole financial advisor to Avantor and New Mountain Capital. Fried, Frank, Harris, Shriver & Jacobson LLP and AZB & Partners acted as legal advisors to Avantor and New Mountain Capital.
N M Rothschild and Sons (India) Private Limited acted as the sole financial advisor to ICICI Venture for this transaction. Hemant Sahai Associates acted as sole legal advisor to ICICI Venture and RFCL Limited.