British private equity firm Apax Partners Llp has acquired Bengaluru-based medical devices company Healthium MedTech Pvt. Ltd, Indias largest medical consumables and surgical sutures company.
London-headquartered Apaxs purchased Healthium MedTech for $300 million from its existing private equity owners TPG Growth, which holds 73 per cent, homegrown PE firm CX Partners and founding shareholders.
Close on the heels of Manipal-Fortis deal, the transaction is second major M&A (merger and acquisition) for TPG within a week. Last week, it backed Manipal Health Enterprises to acquire Fortis Healthcare.
Apax has been investing in India having already deployed $2 billion in this country. This particular deal is its eighth investment in India.
Previously called Sutures India, Healthium manufactures and sells a broad range of medical devices and consumable products including wound closure products, minimally invasive products including endo surgery and arthroscopy consumables, and urology products. It also owns Quality Needles and UK-based Clini Supplies, which were acquired by Sutures in 2017 and 2015, respectively
Founded in 1992, Healthium sells its products across corporate hospitals, nursing homes, government hospitals and institutions, and services over 10,000 hospitals across the country. The medical consumables company exports its products to 91 countries in Europe, South America, Africa and Asia.
Healthcare is a key focus area for us in India given secular tailwinds around healthcare spend and government initiatives focused on affordable and universal healthcare. Healthium, with its strong IP and domestic manufacturing base, is well positioned to improve healthcare access and drive excellence in local manufacturing under the Make in India programme, said Shashank Singh, Head of Apax in India.
The opportunity is to create a medtech platform of scale to deliver a broad portfolio of products in the Indian market, and we are excited to partner with the management team of Healthium to deliver this vision, Singh further said.
With this new deal, Healthium plans to further deepen its presence in the Indian market and broaden its portfolio of specialty medtech products.