Industry Newsroom

Affirma Invests in Tirupati Medicare, Exits Loc Troi Group and Topaz Energy & Marine

Emerging markets-focused private equity fund manager Affirma Capital has invested approximately USD40 million in Tirupati Medicare, an India-based developer and manufacturer of nutraceutical and pharmaceutical products. Tirupati plans to use the funds for research and development and to fulfill its capital expenditure and working capital needs. In another development, Affirma has also sold an 8 percent stake in Loc Troi Group, a Vietnam-based agricultural chemicals manufacturer and distributor. Affirma sold 6.6 million shares, representing its entire stake in Loc Troi, on the Hanoi Stock Exchange’s Unlisted Public Company Market for a reported VND153 billion (approximately USD7 million). Separately, Affirma and Oman-listed facilities management company Renaissance Services have sold Topaz Energy & Marine, a UAE-based marine logistics services company, to UAE-based port operator DP World. The deal reportedly values Topaz at USD1.1 billion.