Warburg, Bain, CVC among PE firms in talks to buy into Agappe Diagnostics

Mumbai: Warburg Pincus, TA Associates, Bain Capital, and CVC Capital are among global private equity firms in early-stage discussions to buy about 25% stake in Agappe Diagnostics, said people familiar with the matter.

The proposed deal would comprise a secondary sale by existing investors and a primary infusion of capital, totalling ₹700-750 crore, the people said. It is likely to value Kochi-headquartered Agappe, counted among India's top in-vitro diagnostics (IVD) firms, at ₹3,000-3,200 crore, they said. Alvarez & Marsal is advising the promoters on the stake sale.

Mauritius-based Sycamore Holdings, through its investment manager Konark Capital Partners, owns around 20% in Agappe. The remainder is held by promoter Thomas John and his family. Konark had acquired its stake in 2015 for about ₹50 crore.


Founded in 1994, Agappe develops and makes diagnostic reagents and equipment for the global IVD market, with a strong presence in clinical chemistry. The company supplies clinical chemistry, haematology, and immunochemistry products to more than 70,000 laboratories across more than 90 countries.

Agappe manufactures equipment under the Mispa brand, and reagents. Its product portfolio includes Mispa Chem DX, a compact dry-chemistry biochemistry analyser; Mispa Revo Plus, a portable time-resolved fluorescence immunoassay (TRFIA) analyser used for cardiac markers, thyroid and fertility testing; and Mispa Hx35, a compact three-part complete blood count (CBC) hematology analyser.

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Agappe also operates a wholly owned subsidiary, Agappe Diagnostics Switzerland GmbH, for the international markets. It is also the exclusive Indian distributor for global medical technology companies including Toshiba Medical Systems Corporation (Japan), Mindray (China), and i-SENS (South Korea).

Agappe reported FY25 revenue of $61 million, Ebitda of $8.7 million, and profit after tax of $3.7 million, according to the latest available data from Tracxn. The company is expected to clock ₹650 crore in revenue and ₹100-120 crore in Ebitda in FY27, said the people cited above.

Agappe Diagnostics, Warburg Pincus, TA Associates, Bain Capital, and CVC Capital didn't respond to email queries.

Private equity interest in India's IVD and medical technology sector has intensified in recent years, fuelled by rising healthcare spending, increasing diagnostic testing, and government thrust on local manufacturing of medical devices and diagnostics.

The domestic IVD industry is dominated by multinationals such as Roche, Beckman Coulter, and Siemens Healthcare (a division of Siemens AG), exposing Agappe to intense competition, rating agency Crisil said in a recent report.

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Major Indian companies in the IVD industry include Transasia Bio-Medicals, Trivitron Healthcare, and Meril Life Sciences.

Warburg Pincus owns about 11% stake in Meril Life, among India's largest medical devices makers. It bought a stake for $210 million in 2022.