Healthium plans to further deepen its presence in the Indian market and broaden its portfolio of specialty medtech products
Quinag Acquisition (FDI), a company backed by funds advised by Apax Partners (the Apax Funds) has entered into a definitive agreement to acquire a controlling stake in Healthium MedTech (Healthium or the Company, previously known as Sutures India), the leading independent medical devices player in India. The controlling stake was acquired from existing shareholders including TPG Growth, CX Partners, and founding shareholders. The transaction is subject to customary approvals. The financial terms of the transaction are not being disclosed.
Backed by the Apax Funds, Healthium plans to further deepen its presence in the Indian market and broaden its portfolio of specialty medtech products. Through its strong pan-India distribution presence under the Sutures India division, Healthium sells its products across large and corporate hospitals, nursing homes, and government hospitals and institutions, and services over 10,000 hospitals across the country.
Healthium will be the eighth investment in India for the Apax Funds over the past 11 years. Including this transaction, the Apax Funds have invested just under $2bn of equity in the country. The investment in Healthium marks the second investment in the healthcare space for the Apax Funds in India, following the investment in Apollo Hospitals.
Founded in 1992, Healthium manufactures and sells a broad range of medical devices and consumable products including wound closure products, minimally invasive products including endo surgery and arthroscopy consumables, and urology products. The company’s key brands include Trusynth, Truglyde, Trubond, and Sironix, amongst others.
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