Acquisition represents significant investment to support growth in India
Avantor Performance Materials Holdings has completed its acquisition of New Delhi, India-based RFCL from ICICI Venture Funds Management Company.
Avantor, previously known as Mallinckrodt Baker, manufactures chemicals and materials around the world under the J T Baker and Macron Chemicals (formerly Mallinckrodt® Chemicals) brands. Terms of the deal were not disclosed.
Avantor and its owner, an affiliate of New Mountain Capital, say they will now provide RFCL with ‘significant’ resources to support its growth.
RFCL is a leader in laboratory reagents and consumables as well as products for the medical diagnostics market in India. Through its Rankem division, the company offers more than 20,000 laboratory products to more than 5,000 customers across a variety of industries including pharmaceuticals, biotech, research organisations 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 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, md of New Mountain Capital, added: ‘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.’