Fidelity India Capital is planning to acquire 35-40% stake in Trivitron Healthcare for Rs 400 Crore, says the Economics Times. Fidelity will buy the stake from HSBC and ePlanet along with some fresh equity issuance by the company. The company plans to use the funds from Fidelity to scale up its medical technology business. Kotak Mahindra Capital Co is the advisor to the deal.
Trivitron was planning to raise $100 Mn in January this year for expansion of its Medical Technology Park and offer partial exits to its PE investors, HSBC Private Equity (now Headland Capital Partners) and ePlanet Ventures from which it had raised R50 Cr in 2007. It was also looking at two to three acquisitions in European and US markets.
Founded by GSK Velu, Trivitron Healthcare is a global medical technology company focusing on manufacturing and distribution. Its key segments include cardiology and implantable devices, imaging sciences, diagnostics, critical life support solutions and ophthalmology and also have a range of offerings in the value and premium segments. It is setting up a medical technology park in Chennai.
In September, it entered into a partnership with Johari Digital Healthcare to market physiotherapy products, diagnostic care products for global markets. The new partnership firm is been christen as Johari Trivitron Medical Innovations Pvt Ltd, that would cater the requirement of contract design and engineering/manufacturing.
It will leverage contract research and development projects from the global partner. Trivitron has also floated about five joint venture companies with leading global medical equipment manufacturers and healthcare service providers.