TA Associates has invested in coatings supplier Ideal Cures Private Limited for undisclosed terms. The deal comes as demand for coating companies rises.
Ideal Cures, based in Mumbai, India, supplies coating products mostly to the pharmaceutical industry. The target, founded in 1999, makes both film and functional coatings. Film coatings allow for better swallowing and taste, while functional coatings provide certain moisture, oxygen and light protection for controlling drug delivery to a specific part of the gastrointestinal tract
“We believe that the film coating industry is a unique, yet evolving sector that has strong potential for growth globally,” says TA Associates managing director Naveen Wadhera.
TA Associates is a Boston private equity firm that targets the technology, financial services, business services, healthcare, and consumer sectors.
Coating companies continue to attract buyer interest. Axalta Coating Systems Ltd. (NYSE: AXTA) has purchased Netherlands distributor Geeraets Autolak; Audax Private Equity-backed Innovative Chemical Products (ICP) bought adhesives maker Fomo Products Inc.; and PPG (NYSE: PPG) is acquiring MetoKote Corp.
K Law served as legal counsel to Ideal Cures and DSK Legal served as legal counsel to TA Associates. TA Associates Advisory Private Limited provided advisory services on the investment.