Indian Lab Chemicals Maker Sold
According to India’s Business Standard newspaper, Avantor paid $100 million for ICICI’s 85% stake in RFCL. VCCircle.com reported that RFCL has annual sales of $50 million.
Phillipsburg, NJ 11/3/10—Avantor Performance Materials, formerly Mallinckrodt Baker (see IBO 5/31/10), has agreed to acquire India-based RFCL Limited from ICICI Venture Funds Management for an undisclosed amount. RFCL’s Rankem division is a provider of more than 20,000 laboratory reagents and consumables to more than 5,000 customers. RFCL’s Diagnova division offers 2,000 diagnostic products to more than 6,000 customers. “We believe that the combined Avantor and RFCL business will be positioned as a leading player in the laboratory, pharmaceutical, electronic materials and diagnostics industries in India,” said Raj Gupta, chairman of Avantor and New Mountain Capital senior advisor.
