04 Apr 2019

Everstone to sell controlling stake in Rubicon Research

  • Generates returns of 4.5x in two and a half years

Mumbai, April 04, 2019 –Everstone Group’s Singapore fund, will sell its entire stake in Rubicon Research (Rubicon) to a global private equity player, generating 4.5x multiple and a 92% IRR in a span of two and a half years. This would be one of the best returns generated in the pharmaceutical industry.

Founded by Pratibha Pilgaonkar, Rubicon is a specialty generics pharmaceutical product development company engaged in research, development and manufacturing of branded and specialty generic
products, and OTC products. Everstone’s Singapore fund had acquired a controlling stake in Rubicon and along with co-investor Mankekars, bought out Kotak Private Equity and other shareholders and also invested primary capital in the company.

Backed by robust business performance, Rubicon has grown its’ profits by over 5x in a short span of two and a half years, through multiple product approval and launches. Led by Dr Arjun Oberoi and Puncham Mukim, both Managing Directors and Board Members of Rubicon, the Everstone team worked closely with the promoters on their overall strategy, helping them on molecule identification and scaling their manufacturing network. Everstone, through their global network, also brought in external expertise of David Silver, a US pharma industry veteran, to help the company in market feasibility studies.

Parag Sancheti, Director, Rubicon Research Pvt. Ltd. said, “Thanks to common friends and relationships, we were introduced to Sameer Sain and Atul Kapur and were fortunate to have them believe in us and back us at such an early stage. I would like to thank the Everstone team for the large amount of resources and support they provided us that enabled us to transform and grow. I look forward to our continued association with them.”

Sameer Sain, Co-Founder and CEO, Everstone Group, said, “This is a great example of how a strong relationship and true team work between internal and external stakeholders can produce exceptional outcomes. Parag and his family have been outstanding partners and I wish them well as they embark on their journey from a regional company to a global player.”

This is yet another successful exit for Everstone managed funds in the healthcare space after their exit from Global Hospitals – sold to IHH in 2015 generating over 3x returns. Everstone is one of the largest healthcare investors in the country and specializes in rolling up assets within their platforms with a controlling stake in domestic pharma distribution platform, Ascent Health, South East Asia based diagnostic device platform Everlife and is also an investor in OmniActive, one of the largest nutraceutical ingredient business founded by Sanjay Mariwala.

About Everstone Group
Everstone is a premier investment group focused on India and South East Asia, with assets in excess of US$5 billion across private equity, real estate, green infrastructure and venture capital. Everstone has a significant resource base across its seven offices in Singapore, India (Mumbai, Delhi, Bangalore), London, New York and Mauritius, comprising best-of-breed investing, operations and strategic resources with significant experience and skills. For more information, visit www.everstonecapital.com