JSA and DSK Legal lead on Proparcos acquisition of 20 stake in Strides Arcolabs African arm

Proparco, a Fench development financing firm has bought 20 per cent stake in Bangalore-based Strides Arcolab’s African arm for $12.50 million (Rs. 70 crore), valuing the African operations at $60 million..J. Sagar Associates acted as the lead counsel for Proparco. The JSA team was led by Partners Aashit Shah and Anish Mashruwala along with Associate Utsav Johri..Field Fisher Waterhouse acted as Proparco’s English legal counsel while Michael Kyprianou & Co LLC acted as Proparco’s Cypriot counsel..DSK Legal advised Strides Arcolab with a team led by Partners Raksha Kothari and Nirav Shah..According to ET, the proceeds of the transaction will be used to incresae manufacturing capacity in key markets in Africa to build a regional company..VCCircle reports, in the last four years, Strides Arcolab with a team of over 200 people, a portfolio of more than 700 products and five subsidiaries, has grown its revenue from $10 million to $27 million. The firm manufactures and markets a wide range of lifesaving antibiotics, lifestyle diseases-related curatives and nutrition/relief providing formulations..Strides Arcolab, which operates in the branded generics and OTC generic segments, has a foot print in 23 sub-Saharan African countries, excluding South Africa..Established in 1977, Proparco is a private equity arm of Agence Francaise de Developpement, providing growth capital to companies in emerging and developing countries.