LeapFrog buys majority stake in Ascent Meditech
LeapFrog Investments, an emerging markets-focused impact investment fund, on Monday said it has acquired majority stake in Mumbai-based medical products company Ascent Meditech for an undisclosed amount.
Known to invest in high-growth financial and healthcare companies, LeapFrog hopes to tap into the $100-billion Indian healthcare market through this investment.
Ascent, the company behind the consumer health brand ‘Flamingo,’ manufactures and distributes orthopaedic soft goods, wound care and mobility aids. Over 80% of the company’s products are purchased for treatment of orthopaedic disorders, which affect over 200 million people in India.
LeapFrog buys majority stake in Ascent Meditech “We see a huge opportunity for LeapFrog to partner with the management team (of Ascent) to increase production and distribution of Ascent’s products, including the flagship Flamingo brand, in India, Asia, Africa, and the Middle East,” said Felix Olale, global co-lead for health investments at LeapFrog.
LeapFrog will leverage its expertise in healthcare and emerging consumer insights to support Ascent’s growth plans. The investment firm will also utilise its consumer insights to develop additional consumer-focused products and expand Ascent’s presence in sub-Saharan Africa and Southeast Asia.
Founded in 1991 by Rajiv Mistry, Ascent sold 15 million products in 2017 through 1,50,000 retail pharmacy points spread across 12 states in India. Ascent products are also exported to countries in Africa, Asia and the Middle East.
“Ascent Meditech will benefit from LeapFrog’s extensive network, helping the company through the next phase of growth,” said Mistry, who is also the chief executive of Ascent Meditech.