Apax Partners said today that Quinag Acquisition, which is backed by funds advised by Apax, inked a deal to acquire India’s Healthium MedTech Private Limited, formerly known as Sutures India, in a deal worth approximately $350 million.
A controlling stake in the company was acquired from existing shareholders TPG Growth, CX Partners and its founding shareholders, according to a press release from Apax.
“TPG Growth has invested in a significant number of healthcare provider businesses around the world, from urgent care clinics and travel nurse staffing in the United States to world-class cancer clinics and specialty mother and child centers in India. Thematically, we have always been focused on investing behind companies that offer high-quality products and services with a focus on value. From the time we invested five years ago, Healthium has always delivered extremely well on that quality-cost equation. We are very pleased to have grown Healthium into one of the leading medtech platforms in India and are confident that the company will continue to scale effectively for years to come,” TPG Growth partner Matt Hobart said in a prepared statement.
Healthium produces medical devices and consumables including wound closure devices, endo surgery and arthroscopy devices and consumables and urology products. Key brands produced by Healthium include Trusynth, Truglyde, Trubond and Sironix.
The newly acquired company distributes it devices to more than 10,000 hospitals across India, and plans to increase its presence in the Indian market after the acquisition, Apax Partners said. Currently, Healthium exports to more than 50 countries, including in the UK under the Clinisupplies brand.
“Healthcare is a key focus area for Apax 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. 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,” Apax Partners partner Shashank Singh said in prepared remarks.
Healthium marks the eighth investment in India by Apax Partners, which claims to have invested nearly $2 billion in equity into businesses in the country.
“Apax has strong experience in medical devices companies globally with several large businesses such as Vyaire, Acelity and Syneron Candela in the Apax Funds’ portfolio. Healthium is a well-established brand selling high quality products at affordable prices, which is necessary in a market like India. We see a great opportunity to further expand its product portfolio and create India’s leading medical devices company,” Apax Partners partner Steven Dyson said in a press release.