Quadria capital-led consortium acquires stake in Encube Ethicals

Quadria Capital, a private healthcare investor, and its co-investors including Gulf Islamic Investments, a UAE based financial services company, announced a minority investment into Encube Ethicals. The deal also included a secondary transaction whereby existing investors, Multiples Alternate Asset Management exited the company.

Founded in 1998, Encube is engaged in contract development and manufacturing of topical formulations. The partnership with Quadria will enable Encube to execute a robust expansion and growth strategy to establish itself as an integrated global leader in topical drugs globally, informed a statement.

Dr Amit Varma, Managing Partner and Co-Founder, Quadria Capital said, “We are impressed by the vision of Encube’s founders to provide affordable and quality topical products; we are even more impressed by their ability to realise that vision at a significant scale. We are excited about this partnership as this represents a stepping-stone in building an integrated global leader in topicals.”

Commenting on the investment, Mehul Shah, Founder and Managing Director, Encube Ethicals said, “We aspire to grow organically and inorganically, and will be making long-term investments across the value chain. I am certain that matching our capabilities to our topical focussed strategy will best position Encube to continue to create and deliver value. I look forward to a fruitful association with Quadria Capital.”

Renuka Ramnath, Founder and CEO, Multiples Private Equity  said, “We are proud that we backed an outstanding leader like Mehul and played a pivotal role in transforming Encube from a contract manufacturing company to a fully integrated pharma company with a front end in the USA.’

Kotak Mahindra Capital Company served as the exclusive sell-side advisor to the company and sellers.