Franklin Templeton Private Equity Strategy (FTPES), a fund advised by Darby Private Equity, has sold its equity holding in Symbiotec Pharmalab to private equity firm Actis.
Symbiotec, based in Indore in Central India, is engaged in research, development, manufacturing and marketing of research based active pharmaceutical ingredients for corticosteroids and hormones. Symbiotec has over 200 customers, including large multinationals as well as generic pharmaceutical companies.
FTPES, a fund advised by Darby, invested in Symbiotec in September 2011 to support its growth and backward integration plans.
FTPES was established in 2008 with total initial capital commitments of around Rs 6,300m (USD147m). FTPES makes selective investments in high growth, mid-sized unlisted Indian companies. FTPES is managed by Franklin Templeton Asset Management (India) and advised by Darby.
David Hudson, senior managing director, Darby Asia, says: “We are excited about the success of the Symbiotec investment, the first exit from the FTPES portfolio. Symbiotec represents an excellent example of how long-term growth capital can help mid-sized companies capture their potential.”