Medical devices company, Healthium Medtech Ltd. (formerly Sutures India) is in the process of selling stake from its UK-based subsidiary, Clinisupplies to private equity major KKR. Financial details of the transaction were not disclosed.
KKR will invest in Clinisupplies through its $4 billion Health Care Strategic Growth Fund II.
"The divestment of Clinisupplies is a strategic decision in-line with our business priorities and gives an impetus to our vision of facilitating precision medtech. We will continue to strengthen and expand our product portfolios in the surgical and post-surgical spaces," said Anish Bafna, chief executive officer and managing director, Healthium Medtech.
The Apax Partners-backed company plans to re-invest the proceeds from the transaction towards its portfolio in advanced surgery, wound care, orthopaedics, and post-surgical care.
RBC Capital Markets was the lead financial adviser and Kirkland & Ellis the lead legal adviser to Apax and Healthium Medtech for this deal.
Based in Watford, UK, Clinisupplies was acquired by Healthium in 2016. The company has a strong portfolio of products in continence care and partners with the National Health Service (NHS) to supply continence care products. Healthium will continue to remain in the UK through its surgical consumables portfolio.
Healthium is a global medtech company focused on products used in surgical, post-surgical, and chronic care. It was acquired by Apax Partners in 2018 from existing shareholders including TPG Growth, CX Partners, and founding shareholders.
As of 2022, it covers over 40,000 surgeons across 18,000 hospitals. It has a diverse portfolio of medical devices and consumables and holds 64 patents across the US, Europe, and India (including pending applications).
Currently, the company has eight manufacturing facilities across India and also has a global presence with exports to over 80 countries, including the USA, France, Germany, and Brazil
In 2021, Healthium made three acquisitions. It acquired AbGel on July 31, 2021. It also acquired VitalCare through a subsidiary Clinisupplies Limited for GBP 9.25 million (Rs.95.28 crore) in July. In August 2021, it acquired CareNow for an initial purchase consideration of Rs.126 crore and a deferred consideration of Rs.5 crore.
In November 2021, Healthium received the Securities Exchange Board of India’s (SEBI) approval for its initial public offering (IPO) and the size of the IPO was reported to be approximately Rs. 1,500 crore.
