MedPlus, the Hyderabad-based pharmacy retail chain, is on the look out for fresh investors who can buy part of the stake held by private equity players in the firm.
Its promoter Madhukar Gangadi holds about 20% stake in the group while rest of the stake is held by private equity (PE) investors, friends and family and employees. It is also looking to raise fresh funds in the range of $50-75 million.
“The existing private equity investors, which include Mount Kellett Capital Management, TVS Capital Funds and Piramal group-backed India Venture Advisors, had come on board in March 2011. They are looking for an exit which could be partial or complete depending on the valuation,” Madhukar Gangadi, founder and CEO, said.
“We are in the process of looking out for fresh investors and have appointed investment bank Credit Suisse to look for strategic buyers,” he said.