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Poly Medicure, with a dominant position in medical consumables market, has announced signing of definitive agreements to acquire 90% stake in PendraCare Group consisting of PendraCare Holdings and Wellinq Medical from Wellinq Holdings B.V. at an enterprise value of Rs. 188.5 crore (Euro 18.3 million).
The balance 10% stake to be acquired in 2030 basis actual EBITDA for CY 2029. PendraCare Group develops, manufactures and sells innovative cardiology catheter solutions and provides design, development and manufacturing services to other global OEM’s. This ‘bolt-on’ acquisition provides Polymed with an opportunity to scale its cardiology business globally with immediate access to markets of Europe and the US.
The acquisition has potential to generate EUR 3-4 million of annual synergies in next 3-4 years. It leverages Polymed’s engineering, R&D and manufacturing capabilities to drive innovation and cost efficiencies. There will be expansion of distribution network through Polymed’s global relationships and help to increase presence in Europe for existing and new products.
Commenting on the acquisition, Himanshu Baid, managing director, Poly Medicure, said, “This move brings us a valuable, ‘made-in-Europe’ cardiology consumables business with FDA and CE-marked products and long-term relationships with global OEMs. By combining Pendracare Group’s European presence and customer relationships with Polymed’s strong engineering, R&D, manufacturing and distribution capabilities, we believe we will deliver significant synergies for the combined business. Most importantly, it deepens our presence in Europe, a key market for Polymed. This acquisition helps in furthering our vision of ‘Serving people through innovative healthcare solutions’.”
Floris Alkemade, Founder and Sander Hartman, CEO stated, “We have great confidence in Polymed Group as the right partner for the future of PendraCare. We sincerely thank our teams for their dedication and achievements, which have laid a strong foundation for this next step. We look forward being part of Polymed Group and together we will continue to focus on developing and delivering the highest-quality medical devices, ensuring lasting benefits for users and patients worldwide.
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