KKR, a global investment firm, signed definitive agreements under which funds managed by KKR will acquire Healthium Medtech, an Indian medical devices company, from an affiliate of funds advised by Apax Partners, a global private equity advisory firm. 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.
Apax Funds acquired Healthium in 2018 and transformed the company from a domestic suture player into a global medical devices leader. With the support of the Apax Funds, the company bolstered its management team to add deep industry experience with the appointment of Anish Bafna as CEO and Vishal Maheshwari as CFO, positioning Healthium for growth. Healthium strengthened its existing portfolio of wound closure devices and consumables and invested in new franchises such as arthroscopy and advanced wound care through in-house R&D and M&A. During this period, Healthium expanded its presence from 50 countries to more than 90 today.
“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. “We look forward to leveraging our global network and healthcare expertise to accelerate its growth in this fast-growing sector and further scale its global business through organic and inorganic growth strategies.”
“Thanks to our long experience partnering with medical devices companies, we saw the opportunity to leverage Healthium’s strong existing portfolio to create a global diversified MedTech platform,” Steven Dyson, partner at Apax, said. “We are proud to have supported Healthium on its growth journey to become the leading medical technology player in India through investments in innovation, manufacturing capacity, and portfolio expansion. We would like to thank Anish, Vishal and the team, and wish them every success for the future.”
“Over the last five years, with the support and partnership of Apax, Healthium has tremendously accelerated its growth,” Anish Bafna, CEO of Healthium, said. “Our products are now used in one-in-five surgeries globally and we have nearly doubled the markets we’re present in. On behalf of the whole management team, I would like to thank the Apax team for their expertise, hard work, and dedication. As we look to further strengthen and expand our market position, we are delighted to welcome an investor of KKR’s calibre, who brings deep global healthcare expertise and knowledge of the Indian market. 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. Financial details were not disclosed.
Apax Partners and Healthium were advised by Jefferies as financial advisor and Kirkland & Ellis as legal counsel. KKR was advised by Moelis as financial advisor and Simpson Thacher & Bartlett and AZB & Partners as legal counsel.
