The private equity firm headquartered in Boston, TA Associates buys a stake in Mumbai-based Ideal Cures, which supplies coatings for tablets and capsules to the pharmaceutical and allied sectors.
However, the financial terms of the transactions were not disclosed.
The Ideal Cures, which was founded by Suresh Pareek in 1988, started its business of ready to use film coating systems in 1999 makes coatings for tablets that are used for normal or delayed release. The company has three manufacturing plants located in Vasai, Jammu and Khambat and two R & D facilities located in Mumbai and Vasai.
Ideal cures had revenues of around Rs 90 Cr for the year through March 2015 and recorded operating profits of Rs.34 Crore as per its latest publicly available financial statements filed with the Registrar of Companies.
TA Associates specializes in minority recapitalisations and buyouts of growth companies in areas as diverse as business services, consumer, financial services, healthcare and technology industries. It has raised $24 billion across its various funds and invested in more than 480 companies
It recently purchased a 4 % stake in publicly-traded Shilpa Medicare which manufactures active pharmaceutical ingredients for drungs.