KKR wins bidding war to acquire medical devices firm Healthium

The acquisition volition beryllium made by a peculiar intent conveyance owned by KKR-managed funds, which volition get a controlling involvement successful Healthium group, including Healthium, KKR announced connected Monday. The firms did not disclose the woody size. 

A idiosyncratic acquainted with the woody said the KKR paid astir ₹6,500 crore- ₹7,000 crore for the asset. The concern was made from KKR's Asian Fund IV. 

Last week, Mint archetypal reported that KKR and others had bid to get Healthium. Novo Nordisk had besides submitted a bid to get Healthium Medtech, portion India-focused PE steadfast ChrysCapital and Mankind Pharma submitted a associated bid for the aesculapian devicees company.

The transaction is taxable to receipt of definite regulatory approvals and is expected to adjacent successful the 3rd 4th of 2024.

Founded successful India successful 1992, Healthium is simply a aesculapian devices institution that develops, manufactures and sells a wide scope of surgical products globally. Its portfolio caters to a wide spectrum of surgeons’ needs, offering coiled closure, arthroscopy, and precocious coiled closure products.

Apax Partners acquired Healthium successful 2018. Healthium strengthened its existing portfolio of coiled closure devices and consumables and invested successful caller franchises specified arsenic arthroscopy and precocious coiled care, including done acquisitions. 

During this period, Healthium expanded its beingness from 50 countries to much than 90, the steadfast said. 

In FY2023, the institution divested its UK business, the Clini group, which specialises successful the urology segment, to KKR.

Apax Partners and Healthium were advised by Jefferies LLC arsenic the fiscal advisor and Kirkland & Ellis LLP arsenic the ineligible counsel. 

KKR was advised by Moelis & Co. arsenic the fiscal advisor and Simpson Thacher & Bartlett and AZB & Partners arsenic ineligible counsel, the firms said. 

Healthium marks KKR’s latest concern successful the healthcare assemblage successful India and Asia Pacific which includes JB, Max Healthcare, Gland Pharma, and Japan’s PHC, among others.

The improvement comes aft Healthium’s plans for a nationalist issue did not instrumentality off. In November 2021, the institution secured support from the Securities Exchange Board of India for a ₹1,500 crore archetypal nationalist offering. The support expired successful 2022 and the institution did not refile its papers.

According to a 31 January study by ratings bureau Icra Ltd, Healthium, connected a consolidated ground (excluding the discontinued UK business), recorded a gross maturation of 14.3% to ₹728.5 crore successful 2022-23 from ₹637.1 crore successful 2021-22, supported by steadfast request from cardinal end-user manufacture segments for coiled closure, some successful the home and export markets.

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Published: 06 May 2024, 12:09 PM IST