[ad_1]
New Delhi: Medical consumables maker, Poly Medicure has inked a definitive agreement to acquire a Netherlands-based cardiology catheter developer PendraCare Group companies —PendraCare Holdings and Wellinq Medical—from Wellinq Holdings B.V.
The agreement involves an upfront purchase of 90 per cent equity stake for ₹188.5 crore, with the remaining 10 per cent to be acquired in 2030, for an additional consideration based on the actual EBITDA for calendar year 2029.
The existing management will continue to lead the business and the company CEO Sander Hartman will hold 10 per cent non-voting shares in the Group.
PendraCare is a ISO certified cardiology catheter solutions developer which operates across 35 markets and gives the Indian device maker access to a local manufacturing and distribution network in products registered with FDA, MDD, ANVISA and several other regulators.
In 2024 the company reported a revenue of €9.9 million (around Rs 102 crore) with a profit-before-tax of €81 thousand (around Rs 83 lakh) and the Indian device maker expects a potential to generate €3-4 million of annual synergy (additional revenue) in the next 3-4 years.
“This move brings us a valuable, ‘made-in-Europe’ cardiology consumables business with FDA and CE-marked products and we believe we will deliver significant synergies for the combined business,” said Himanshu Baid, MD, Poly Medicure.
Notably, the deal marks Poly Medicure second buyout in the European market—which drives one-third of its total sales—as the company already owns an Italy-based oncology device maker Plan1 Health S.R.L.
[ad_2]
Source link
