New Delhi, April 16 -- Sterling Accuris Wellness Pvt Ltd, a diagnostics lab chain backed by Morgan Stanley Private Equity Asia, announced on Wednesday its acquisition of Gujarat & Maha Gujarat Pathology Laboratories, marking the company's fourth acquisition in two years.
Ahmedabad-based Gujarat & Maha Gujarat Pathology Laboratories offers a comprehensive range of diagnostic testing services, including hematology, biochemistry, immunology, and molecular biology.
Sterling Accuris did not disclose the deal value or valuation.
In a press statement, the company said the acquisition will enhance its operational footprint in Ahmedabad while expanding its diagnostic service capabilities. "Our acquisition of Gujarat Pathology Laboratory will enable us to serve a larger patient base in Ahmedabad by leveraging their strengths in the B2C segment," said Rajiv Sharma, managing director of Sterling Accuris.
Founded in 1998, Gujarat & Maha Gujarat Pathology Laboratories operates through a network of eight laboratories and more than 20 collection centres across Ahmedabad. Co-founded by Niraj Kothari and Vishnubhai Patel, along with Navinbhai Patel, founder of Maha Gujarat Pathology Laboratory, the chain has served nearly two million patients so far.
This acquisition follows Sterling Accuris' deals in 2023, including the acquisition of analytical testing services provider Vaibhav Analytical in December 2023, a majority stake in allergy testing firm VPL Diagnostic a month earlier, and Ahmedabad-based pathology provider VIP Labs in June 2023.
Sterling Accuris had earlier raised $34 million from Morgan Stanley Private Equity Asia in 2021 to support its expansion efforts.
For the financial year ended March 2024, the company reported consolidated net sales of Rs 162.1 crore, up from Rs 120.9 crore the previous year, as per VCCEdge, the data research platform of VCCircle. Net losses narrowed to Rs 26.8 crore from Rs 37.7 crore.
Founded in 2015, Sterling Accuris operates over 75 laboratories and more than 300 collection centres, offering over 2,000 types of diagnostic tests across Gujarat, Rajasthan, and Madhya Pradesh.
Published by HT Digital Content Services with permission from VC Circle.