LeapFrog Investments acquires majority stake in India's Ascent Meditech

Rajiv Mistry, who founded Ascent Meditech in 1991 and had been the majority owner, will stay on as the chief executive officer of the Mumbai-based health products company

LeapFrog Investments, an emerging markets-focused private equity firm, has acquired a majority stake in the Indian health products company Ascent Meditech Ltd.

Ascent Meditech’s orthopaedics, pain and wound-care products are exported to 40 countries in Asia, Africa and the Middle East and its flagship Flamingo brand is available in more than 44 nations worldwide, according to an emailed statement from LeapFrog. Financial terms of LeapFrog’s investment weren’t disclosed.

LeapFrog, whose backers have included billionaire George Soros, has interests in health-care and financial-services businesses across 149 Asian and African markets. Last month, the firm invested in one of Nigeria’s largest pension-fund managers, ARM