The acquisition of Bengaluru-based Healthium MedTech, a provider of medical devices, by global investment firm KKR from an affiliate of funds backed by private equity firm Apax Partners was officially announced on Monday.
Sources close to the negotiations estimate the acquisition’s value to be between Rs 6,500 crore and Rs 7,000 crore. In a joint announcement with Healthium and Apax, KKR stated, “The acquisition will be made by a special purpose vehicle owned by KKR-managed funds, which will acquire a controlling interest in the Healthium group, including Healthium.”
“Apax Partners and Healthium were advised by Jefferies LLC as a financial advisor for the deal, whereas KKR was advised by Moelis and Company,” according to the joint statement.
With this investment, Healthium becomes the latest addition to KKR’s healthcare sector portfolio in India, which includes branded formulations company JB, hospital chain Max Healthcare, and generic pharma products company Gland Pharma.
The deal is anticipated to completion in the third quarter of calendar year (CY) 2024, pending the acquisition of a few regulatory approvals. The Asian Fund IV of KKR will be used to make the investment. The joint statement states that “Apax Partners and Healthium were advised by Jefferies LLC as a financial advisor for the deal, whereas KKR was advised by Moelis and Company.”
Healthium joins hospital network Max Healthcare, generic pharmaceutical manufacturer Gland Pharma, and branded formulations company JB as the newest addition to KKR’s healthcare sector portfolio in India.
“Apax Partners and Healthium were advised by Jefferies LLC as a financial advisor for the deal, whereas KKR was advised by Moelis and Company,” according to the joint statement.
With this investment, Healthium becomes the latest addition to KKR’s healthcare sector portfolio in India, which includes branded formulations company JB, hospital chain Max Healthcare, and generic pharma products company Gland Pharma.
Healthium MedTech’s Chief Executive Officer (CEO), Anish Bafna, expressed his joy at welcoming an investor of KKR’s level, who has extensive global healthcare expertise and knowledge of the Indian market, as the firm strives to further enhance and grow its market position.
In 2018, Apax bought Healthium to expand its line of wound closure products and supplies. The company also invested in new businesses, including arthroscopy and advanced wound care, by conducting internal research and development.
At present, Healthium holds the fourth-largest position in the global surgical suture industry, accounting for around 18% of the Indian market. It is found in more than 90 nations.
“Apax Partners and Healthium were advised by Jefferies LLC as a financial advisor for the deal, whereas KKR was advised by Moelis and Company,” according to the joint statement.
With this investment, Healthium becomes the latest addition to KKR’s healthcare sector portfolio in India, which includes branded formulations company JB, hospital chain Max Healthcare, and generic pharma products company Gland Pharma.
Akshay Tanna, Head of India Private Equity at KKR and Partner, commented on the deal, saying that Healthium has made a name for itself as a premier domestic manufacturer of medical equipment with a broad distribution network in India and abroad and a proven track record of producing high-quality goods.
