TPG Growth, the mid-market and growth equity platform of global investment firm TPG, have invested Rs 1,450 million in Sutures India, a Bangalore-based manufacturer of medical consumables. Through a significant minority stake in Sutures India, TPG Growth will be actively involved in helping the company to expand its product portfolio as well drive its M&A initiatives.
Established in 1992, Sutures India is a manufacturer, marketer and exporter of surgical sutures, meshes, tapes and gloves, amongst other medical consumable products. It is the largest Indian consumables company selling to more than 10,000 hospitals nation-wide.
Announcing the deal, Vishwarupe Narain, Country Head, TPG Growth India, said, “India has one of the world’s lowest penetrated healthcare services industries with only nine hospital beds per 10,000 people as compared to other emerging markets like Thailand, China and Brazil. Given existing gaps in the Indian healthcare delivery services, the medical devices market is poised for growth with a market size of roughly $3 billion. We believe that Sutures India is well positioned to take advantage of the macro drivers and look forward to partnering in the company’s growth to achieve its goals.”
Speaking on this occasion, LG Chandrasekhar, Chairman, Sutures India, said, “Sutures India has emerged as the market leader in the medical consumable product market, catering to both domestic demand, as well as overseas export to over 50 countries. We are delighted to partner with TPG Growth, one of the most respected global firms in private equity. We believe that TPG Growth’s investment, combined with the firm’s operational experience and global reach, will stimulate our expansion worldwide.”
TPG Growth invests in a broad range of industries and business services through leveraged buyouts, growth equity, and private investment in public equities (PIPEs). In India, the firm focuses on growth sectors including healthcare, financial services, industrials and manufacturing, and consumer and retail. TPG Growth has made 14 significant investments specifically in the healthcare and pharmaceutical industry across North America and Asia, and this transaction is a culmination of an initiative in the healthcare space.
EH News Bureau