Global investment firm KKR on Monday said it will acquire Indian medical devices firm Healthium Medtech from Apax Partners.
While the firm did not disclose the size of the deal, Bloomberg, citing sources, reported the transaction could be valued at as much as $1 billion.
Healthium develops, manufactures and sells wound closure, arthroscopy, and advanced wound closure products, globally.
The firm was acquired by Apax Funds in 2018 and has since then seen the appointment of Anish Bafna as CEO and Vishal Maheshwari as CFO. Healthium expanded its presence from 50 countries to over 90 since the acquisition.
“We look forward to leveraging our global network and healthcare expertise to accelerate its growth in this fast-growing sector and further scale its global business through organic and inorganic growth strategies,” said Akshay Tanna, Partner and Head of India Private Equity at KKR.
KKR invested in Healthium from its Asian Fund IV, which closed at $15 billion in 2021.
It has invested in several healthcare businesses including JB, a formulations pharmaceutical company in India; Max Healthcare, one of India’s largest hospital networks; Gland Pharma, a pure-play generic injectable pharmaceutical products company.
Healthium’s funding comes as India witnesses an unprecedented demand for healthcare amid an ageing population and rising disposable incomes.
Recent billion-dollar deals such as Temasek’s investment in Manipal Hospitals and Blackstone’s $1 billion acquisition of CARE Hospitals have spurred a host of new healthcare funds in the world’s most populous country.
Most recently, Maiva Pharma, a contract development and manufacturing organisation (CDMO) for North America, said it has raised Rs 1,000 crore in primary and secondary funding from a fund managed by Morgan Stanley Private Equity Asia and India Life Sciences Fund IV.
The Healthium deal is expected to close in the third quarter of 2024.
