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KKR will acquire medical device company Healthium

New Delhi: US private equity firm KKR will acquire Bengaluru-based medical device maker Healthium Medtech (formerly Sutures India) from PE firm Apax Partners in a deal estimated at Rs 7,000 crore. KKR plans to use a special purpose vehicle to buy a controlling stake in Healthium, it said in a joint statement with Healthium and Apax on Monday.

Industry sources say the other major bidder in the race was PE giant ChrysCapital, which has joined forces with pharmaceutical company Mankind. Founded in India in 1992, Healthium is a medical device company that manufactures and markets a wide range of surgical products worldwide. Following its acquisition by Apax Funds in 2018, Healthium expanded its presence from 50 countries to over 90. It also strengthened its portfolio of wound closure devices and consumables and invested in new franchises such as arthroscopy and advanced wound care through internal research and development and mergers and acquisitions – adds in the statement.

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Akshay Tanna, partner and head of India private equity at KKR, said: “We look forward to leveraging our global network and healthcare expertise to accelerate the company’s growth in this rapidly growing sector and further scale its global business through growth strategies organic and inorganic. “

KKR will divert its investments from its Asia Fund IV. The acquisition marks KKR’s latest investment in the healthcare sector in India, following JB Chem, a branded pharmaceutical company producing formulations; operator of the Max Healthcare hospital chain and Gland Pharma, manufacturer of generic injections.

Increase


Healthium CEO Anish Bafna said: “Over the past five years, with the support of Apax, Healthium has accelerated its growth tremendously. Our products are currently used in one in five dental offices around the world. As we look to further strengthen and expand our positioning market, we are pleased to welcome an investor of KKR’s caliber.”

The transaction is subject to certain regulatory approvals and is expected to close in the third quarter of 2024. Financial details were not disclosed.