South and Southeast Asia focused food and agri private equity firm Mandala Capital kicked off this year with a full exit from its investment in Edward Food Research and Analysis Centre (“EFRAC”). The exit comes as an acquisition by QIMA, a global Testing, Inspection & Certification (“TIC”) player.
This adds to the two exits made by Mandala Capital last year. In addition, another portfolio company Godavari Biorefineries has recently filed for an IPO.
Based in Kolkata, India, EFRAC is one of the largest integrated laboratory testing service providers in the country. EFRAC operates across the Food, Pharma and Enviro verticals and specialises in the testing of food grade gases, dioxins and furans, all contaminants and trace residues, microbiological and GMO parameters, packaging materials and more.
Under Mandala Capital’s ownership, EFRAC has grown its revenue two-fold and its EBITDA at a CAGR of over 50% in the last five years.
“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. We are confident that EFRAC is well positioned under Dr Bajwa’s able stewardship and we wish the company the very best for its next phase of growth” said Uday Garg, Managing Partner at Mandala Capital.
“I would like to thank Mandala Capital for their partnership and support since their investment. Their expertise in the food and agri sector as well as their global network has greatly contributed to the growth of the business” said Dr Bajwa, Director and CEO of EFRAC.
