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Deal of the Year – Mid Cap
(Equity commitment – USD 50m-USD 199m)

Aragen Life Sciences (Quadria Capital)

Quadria Capital paid USD 100m for a minority stake in India’s Aragen Life Sciences at a valuation of USD 1.4bn in January 2025. It targeted the contract research, development, and manufacturing organisation (CRDMO) space in the expectation that customers would diversify China-centric supply chains and India could offer a competitively priced alternative. Aragen is a top three player in India, generating USD 203m in revenue in 2023 from a client base that includes eight of the 10 largest global pharma companies. Seven months later, Avendus Capital and SBI Life Insurance backed Aragen in what was described as a pre-IPO round.

Niwas Housing Finance (EQT)

EQT acquired the mortgage unit of India-based non-banking financial company (NBFC) Indostar Capital Finance for an enterprise value of USD 262m in July 2025. The business, now called Niwas Housing Finance, was divested because Indostar had other commercial priorities. EQT prevailed in a competitive process, leveraging its domain knowledge to move quickly and establish relations with management. The deal featured a growth capital injection of USD 58m to be used for geographic expansion and digital transformation, while other value creation initiatives include strengthening management and optimising liabilities. The goal is to triple the company’s reach to 150,000 families by 2029.

Stenders (L Catterton)

L Catterton acquired a majority stake in Stenders, a Latvia-founded bath, body and hand care company, under its Asia strategy in December 2024 with a view to developing the business in China. Stenders entered China in 2007 and proved so successful that the local master franchise owners acquired the brand outright in 2018. L Catterton secured the deal thanks to a value creation plan focused on upskilling management, improving branding, boosting offline and online sales in China, international expansion, and supply chain and manufacturing optimisation. This is already being implemented, contributing to increased revenue in the first half of 2025.

TalkMed Group (Templewater)

Templewater completed the privatisation of Singapore-listed TalkMed Group in September 2025 at a market capitalisation of SGD 606m (USD 473m). Securing the transaction involved winning over TalkMed’s founding doctors, who held a majority stake in the company. This was achieved in part by allowing them to roll over a portion of their equity into Tamarind Health, Templewater’s oncology-focused platform. Tamarind has now acquired seven assets in the space of 20 months, becoming one of Asia’s largest private oncology platforms. Value creation initiatives include leveraging economies of scale, integrating referral networks, standardising and expanding clinical capabilities, and improving digital competency.

Theobroma Foods (ChrysCapital Partners)

ChrysCapital Partners acquired an 85% stake in Theobroma Foods, an India-based bakery chain, in August 2025 in a deal worth INR 24.1bn (USD 281m). It bought shares from ICICI Venture and the company’s founding family, which remains invested in the business as a minority shareholder. This marks the private equity firm’s first consumer sector buyout. Theobroma, which has 256 outlets across 38 cities, is expected to benefit from the growing popularity of Western-style desserts in India. In addition to expanding the store footprint under a hub-and-spoke model, ChrysCapital will look at M&A opportunities, enhance menus, and pursue supply chain optimisation.