Private equity firm Mandala Capital exits Indian laboratory testing firm EFRAC
This year has seen the complete withdrawal of Singapore-based private equity firm Mandala Capital from its investment in Indian laboratory testing company Edward Food Research and Analysis Centre (EFRAC).
Mandala Capital said in a statement on Tuesday that QIMA, a major player in the global Testing, Inspection, and Certification (TIC) market, has acquired the company as a result of the exit.
Mandala Capital made two exits last year in addition to this.
Furthermore, Godavari Biorefineries, a different portfolio company, has filed for an IPO recently.
EFRAC is a prominent provider of integrated laboratory testing services in India, with its headquarters located in Kolkata.
The company specializes in testing food grade gases, dioxins and furans, all contaminants and trace residues, microbiological and GMO parameters, packaging materials, and more. It operates in the food, pharmaceutical, and environmental verticals.
Over the last five years, EFRAC has experienced compound annual growth rate (CAGR) of more than 50% while operating under Mandala Capital’s ownership. Revenue has increased by double, and earnings before interest, taxes, depreciation, and amortization (EBITDA) has increased by 50% as well.
“Over the years, EFRAC has successfully transformed into a leading integrated laboratory testing company and we are proud to have supported its growth and success,
“The strategic acquisition by QIMA is a testament to EFRAC’s outstanding track record,” said Uday Garg, Managing Partner at Mandala Capital.
The company has grown significantly, according to Dr. Bajwa, Director and Chief EO of EFRAC, thanks in large part to Mandala Capital’s global network and experience in the food and agribusiness sectors.
Private equity firm Mandala Capital focuses on investments throughout Southeast Asia and India’s food and agriculture value chain.
With close collaboration with management teams, the company has invested over $250 million in the food industry since its founding in 2008, creating leaders who will revolutionize current food systems.
With its 60,000 square foot integrated laboratory facility, EFRAC is a premier one-stop shop for testing, inspection, and certification services (TIC) in India. It provides comprehensive testing solutions.
