Apax Partners owned Healthium Medtech Pvt Ltd (formerly Sutures India) on Tuesday said it has acquired Mumbai-based Shri SGK Labs' gelatin sponge brand AbGel.
"This acquisition strengthens our presence in the category and our commitment to drive value for our customers," Anish Bafna, CEO and managing director, Healthium Medtech, said in a statement.
The financial details of the transaction were not disclosed. Wodehouse Capital Advisors was the sole advisor to SGK Labs for the transaction.
AbGel, which has been used in India since 1980, is an absorbable gelatin sponge. It helps to control blood oozing in instances of haemorrhage from multiple small vessels. Healthium will increase the reach of this brand using its network of hospitals across India, it added.
This is Healthium's second acquisition this month. Earlier in July, Healthium said it has purchased VitalCare Group, a UK based manufacturer of urology consumable care products.
In an interaction with VCCircle last year, https://www.vccircle.com/how-apax-owned-healthium-is-scaling-up-under-former-baxter-exec Bafna had said that Healthium was looking to expand through tie-ups with companies inclined towards research and development.
Apax Partners had acquired a controlling stake in Healthium in 2018 from existing shareholders including TPG Growth, CX Partners and founding shareholders.
Last month, Moneycontrol had reported that Healthium is preparing to launch an initial public offering (IPO) this year.