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July 2010: East West Capital Partners leads investment in listed Australian medtech company, ITL Limited
East West Capital Partners led an investment advising a strategic investor to acquire a meaningful stake in ITL Limited, a leading supplier of medical technology products. ITL, an Australian ASX-listed company, sells its products to over 35 countries globally. www.itl-limited.com (Stock ticker: ITD: AX).
Consistent with its philosophy, the Partners of EWCP have also invested in ITL. EWCP is working with management to realize ITL's full potential, while also examining options to expand the business into new areas.
Sanjay Sehgal of East West Capital was recently elected to the Board of the company. Sanjay also chairs the Audit Committee of ITL.
A management overhaul has begun with the resignations of the CEO, CFO and key top management already secured. ITL is profitable in the first 4 months of its fiscal year. A search for suitable replacements is underway. William Mobbs, a co-founder of ITL, has been appointed Executive Chairman and nominated as interim CEO.
About ITL Limited
ITL’s core business is in manufacturing products which assist in protecting the health and safety of healthcare workers. While specializing in blood-banking products, there are several other innovative products for general medical use. It holds several patents. ITL manufactures these products at its facility in Ipoh, Malaysia.
ITL also acts as a distributor to hospitals throughout Malaysia for several multinational medical technology manufacturers of specialty medical equipment including Siemens, Stryker, Mindray and others.
Total revenues of ITL are in excess of US$35m.
About East West Capital Partners
EAST WEST CAPITAL PARTNERS (“EWCP”) is a private equity advisory firm operating out of Singapore, Bangalore, Penang and London. EWCP seeks to invest only in the life sciences and healthcare industry, i.e., pharmaceuticals, biotech, medical technology and devices, healthcare services, hospitals/clinics, drug discovery services and healthcare IT. The EWCP team consists of professionals from the healthcare and investment industry, cumulatively with close to 100 years of global experience. For more information, please see www.eastwestcap.com
For more information, please contact: Sanjay Sehgal, Managing Partner & CEO at sanjay@eastwestcap.com
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