KKR to acquire Bengaluru-based medical device maker Healthium from Apax

By Baiju Kalesh and Manuel Baigorri
 

KKR & Co. is acquiring Bengaluru-based medical device maker Healthium Medtech Ltd. from private equity firm Apax Partners, in another example of India’s growing allure to global investors.
 

KKR intends to use a special purpose vehicle to buy a controlling stake, it said in a joint statement with Healthium and Apax on Monday. The announcement confirmed a Bloomberg News report from April, when people familiar with the matter said a transaction could be valued at as much as $1 billion. 

The investment will be made through KKR’s Asian Fund IV, according to Monday’s statement, which didn’t disclose financial details. The deal is expected to be completed in the third quarter this year.

“Healthium has established itself as a leading homegrown producer of medical devices with a strong track record of delivering quality products and a wide distribution network both in India and globally,” KKR partner and head of India private equity, Akshay Tanna, said in the statement. KKR will accelerate Healthium’s growth organically and through mergers and acquisitions, he said. 

Apax acquired Healthium in 2018. The medical device company says it has a presence in more than 90 countries and its products are used in one-in-five surgeries globally. 

KKR’s other health-care investments in India and the Asia-Pacific region include JB, Max Healthcare, Gland Pharma, PHC Holdings, Bushu Pharmaceuticals and Metro Pacific Hospitals. Bloomberg reported in March that KKR was considering possibly selling its stake in Metro Pacific.