KKR & Co. announced on Monday its acquisition of Bengaluru, India-based medical devices company Healthium Medtech from an affiliate of funds advised by private equity firm Apax Partners.
Healthium was previously known as Sutures India. It is the leading medical device company in India 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. Healthium’s key brands include Trusynth, Truglyde, Trubond and Sironix. Apax Partners previously acquired the company in 2018.
KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, credit and real assets, with strategic partners that manage hedge funds. KKR has a long track record of supporting health care companies globally, having invested approximately $17 billion in the sector since 2004.
KKR will acquire Healthium through a special purpose vehicle – owned by KKR-managed funds – that will have a controlling interest in Healthium group, including Healthium Medtech. The exact purchase price of the transaction was not disclosed, but three sources with direct knowledge of the matter say it is valued at 70 billion rupees (approximately $838.6 million USD), according to Reuters.
Apax Partners and Healthium were advised by Jefferies LLC as financial advisor for the deal, whereas KKR was advised by Moelis and Company.
According to data captured in the LevinPro HC database, this acquisition marks the 28th Medical Devices transaction of 2024. This is a significant decrease from 2023, when there were 46 Medical Devices deals announced between January 1, 2023, and May 5, 2023.
This also marks KKR’s third transaction of 2024. The company has announced the recapitalization of Cotiviti alongside Veritas Capital in February, followed by Immedica Pharma in April. KKR has announced seven transactions since December 2021.
