Quadria’s investment to help catalyse Encube’s growth into a leading integrated topicals-focused company

Mumbai, 28 June 2021 – Quadria Capital, Asia’s leading private healthcare investor, and its co-investors including Gulf Islamic Investments, a UAE based financial services company having assets under management of over $2.5 billion, today announced a minority investment into Encube Ethicals, an India-based, leading global player in manufacturing of topical drugs. The deal also included a secondary transaction whereby existing investors, Multiples Alternate Asset Management Private Limited (Multiples) exited the company.

Founded in 1998, Encube is engaged in contract development and manufacturing of topical formulations for a global, blue-chip customer base. The company has a strong focus on research and development and has successfully developed and launched multiple own products in regulated markets. 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.

Quadria Capital Managing Partner and Co-Founder Dr. Amit Varma said: “Encube has an unparalleled track record in topicals manufacturing, with an uncompromising commitment to the highest quality, safety, and reliability standards. 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 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, Encube’s founder and Managing Director, Mehul Shah said: “I am grateful for Multiples and Renuka Ramnath to trust and build on our abilities. It was an exceptional partnership and transformational journey for our company. I am now pleased to have Asia’s largest private healthcare investor, Quadria Capital on-board with us for Encube’s Growth 2.0 journey. 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”

Multiples Private Equity Founder and CEO Renuka Ramnath said, “We had unequivocal conviction in Mehul’s vision, acumen and his leadership. 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 USA. Bringing dreams of outstanding entrepreneurs to life and stretching their aspirations is the true purpose of Multiples. We feel fulfilled with the outcome of Encube.’

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

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Encube Ethicals

Encube Ethicals is an integrated specialized topical focused pharmaceutical player dedicated to Topical formulations. It has a legacy of more than twenty-three years in manufacturing and developing topical formulations which touch millions of patients globally. Encube has the world’s largest single site topical manufacturing facility in Goa with capacity to produce over 400 million units annually that has been inspected and deemed compliant by US, EU, and several global regulatory authorities. Encube has a growing US business focused on Topical generics supported by more than 150 scientists in research & development. Encube aspires to be a global leader in Topical products end to end value chain over the next 5 years. 

For more information, visit at www.encubeethicals.com

Quadria Capital

Quadria Capital is an independent healthcare focussed private equity firm with assets under management exceeding US$ 2.3 billion and investments in 23 companies across the Asia-Pacific region. Quadria focuses on partnering with promising regional healthcare companies and, with its active investment strategy, help them grow into regional leaders, while creating and delivering outstanding returns to its investors. Quadria complements its investment objective with a progressive philosophy of creating positive impact on environment, society and governance. Its aim is to improve lives by bringing better healthcare for all. This comes from its belief that positive investment returns and constructive social and financial impact must go hand-in-hand.

For more information, visit at www.quadriacapital.com

Multiples Alternate Asset Management

Multiples is India’s leading private equity platform distinguished by its long and successful experience of partnering Indian entrepreneurs. Multiples was founded in 2009 and during this decade has backed 20+ Indian businesses to build aspirational, distinctive and responsible businesses. Multiples focuses on 4 core sectors of financial services; pharma & healthcare; consumer and consumer-tech and technology. Some of Multiples’ distinctive investment-partnerships include PVR, Delhivery, Encube, DreamSports, Quantiphi and Vastu Housing Finance.

For more information, visit at www.multiplesequity.com