Singapore-headquartered private equity firm Everstone Capital has hired BDA Partners to run a sale of Everlife Holdings that could value the healthcare services company at up to $1 billion, two sources with knowledge of the matter said.
Non-binding offers for Everlife, which offers products and solutions to clinical and scientific laboratories in South and Southeast Asia, are due mid-November, with a deal expected to be wrapped up by the first half of 2024, the sources said.
The sources declined to be named as the matter was private.
Everlife, Everstone and BDA did not immediately respond to requests for comment.
The sale comes after merger and acquisition deals in Asia Pacific, including Japan, dropped 26% to a 10-year low of $624.4 billion for the first nine months of this year, versus the year-ago period, LSEG data shows.
Deal activity in the healthcare sector in the region fell 6.6% to almost $37.2 billion, the data shows.
Everlife started as a buy-and-build platform aimed at providing complete solutions for the healthcare and research industries in Southeast Asia and India, according to its website.
The company, which counts healthcare venture firm Cure Capital as a minority investor, offers products from over 250 suppliers in areas from clinical diagnostics to life sciences across seven countries including India and Singapore, the website shows.
Everstone Capital is the private equity arm of Everstone Group, which manages over $7 billion in assets.
The private equity firm focuses on the mid-market and invests in businesses focused on India and Southeast Asia, according to its website. It has seven offices globally including in Dubai and New York, its website shows.
