KKR to acquire Healthium from Apax Funds; deal estimated at `7,000 cr
Global investment firm KKR on Monday said it has acquired medical device firm Healthium Medtech from an affiliate of funds advised by Apax Partners LLP in a deal estimated worth up to Rs 7,000 crore.
The company has inked definitive agreements under which funds managed by KKR will acquire Healthium from an affiliate of funds advised by Apax, it said in a statement.
According to sources, the deal size is pegged between Rs 6,500 crore and Rs 7,000 crore. The acquisition will be made by a special purpose vehicle owned by KKR-managed funds which will acquire a controlling interest in Healthium group, including Healthium, KKR stated.
"Under the leadership of Anish and his talented management team, Healthium has established itself as a leading homegrown producer of medical devices with a strong track record of delivering quality products and a wide distribution network both in India and globally," Akshay Tanna, Partner and Head of India Private Equity at KKR, said. Anish Bafna is the CEO of Healthium. Founded in India in 1992, Healthium is a medical devices company that develops, manufactures and sells a broad range of surgical products globally.
Its portfolio caters to a wide spectrum of surgeons' needs, offering wound closure, arthroscopy, and advanced wound closure products.
The Apax Funds acquired Healthium in 2018.
"Over the last five years, with the support and partnership of Apax, Healthium has tremendously accelerated its growth. Our products are now used in one-in-five surgeries globally and we have nearly doubled the markets we're present in," Bafna said.
He further said: "We look forward to our next phase of growth with their support, being able to leverage their global platform, as well as strong investment and operational expertise." The transaction is subject to receipt of certain regulatory approvals and is expected to close in the third quarter of 2024.
Healthium marks KKR's latest investment in the healthcare sector in India and the Asia Pacific.
It has invested in JB, a leading branded formulations pharmaceutical company in India; Max Healthcare, one of the country's largest hospital networks; Gland Pharma, a leading Indian pure-play generic injectable pharmaceutical products company, among others in Japan and the Philippines.