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TA Associates buys India’s Ideal Cures

The Boston-headquartered firm has struck its third deal this month, following recent investments in an African digital payments business and a London-headquartered software provider.

Growth investor TA Associates has picked up a stake in Ideal Cures, a Mumbai-based manufacturer of pharmaceutical materials, according to a company statement.

Financial terms of the transaction were not disclosed.

This is the firm’s third transaction this month. It earlier bought a minority stake in Interswitch, a Nigeria-based payment services provider owned by Helios Investment Partners. The firm also acquired software company ITRS from The Carlyle Group.

Ideal Cures, which manufactures film coating for the pharmaceuticals industry, has three plants located in Vasai, Jammu and Khambat and two R&D facilities in Mumbai and Vasai. Another plant is under construction in Sikkim.

“Ideal Cures has worked diligently to innovate solutions that meet the needs of the pharmaceutical and allied industries, building exceptional manufacturing, research and development, and technical services capabilities to rapidly expand their operation,” Dhiraj Poddar, country head of India for TA Associates, said in a statement.

Ideal Cures will use the firm’s investment to enhance its internal capabilities and to accelerate its growth in fast-growing parts of Asia, especially South Asia and in other well-established markets globally.

Poddar will join Ideal Cures’ board of directors following the deal.

TA Associates has raised over $24 billion and invested in nearly 500 companies focused on business services, consumer, financial services, healthcare and technology industries. The firm typically invests between $50 million to $500 million in equity and $10 million to $50 million in debt transactions. It is in the process of deploying TA XII, the firm’s 2015-vintage flagship vehicle that raised $5.3 billion, and counts the Teachers' Retirement System of teh State of Illinois and the British Columbia Investment Management Corporation as some of its investors.