Poly Medicure to acquire Netherlands-based PendraCare for ₹188.5 crore

Poly Medicure has signed agreements to acquire 90 per cent of Netherlands-based PendraCare Group for Rs 188.5 crore, expanding its cardiology business in Europe and the US

Poly Medicure (Polymed), a domestic medical device manufacturer, has signed definitive agreements to acquire a 90 per cent stake in Netherlands-based PendraCare Group, which includes PendraCare Holdings and Wellinq Medical, from Wellinq Holdings B.V. The deal values the group at an enterprise value of Rs 188.5 crore (EUR 18.3 million).

 

Under the agreement, the remaining 10 per cent stake will be acquired in 2030, based on PendraCare’s actual EBITDA for calendar year 2029. The acquisition is subject to customary closing conditions and regulatory approvals and is expected to be completed within the next four to eight weeks.

 

PendraCare develops, manufactures and sells cardiology catheter solutions and also provides design, development and manufacturing services to global original equipment manufacturers (OEMs).

 

Polymed said the acquisition would allow it to expand its cardiology business in Europe and the US, supported by PendraCare’s regulatory approvals in Europe (MDD and MDR), the US FDA and other markets such as Brazil, China and South Korea. 

 

The Netherlands-based group has an established European manufacturing base and distribution relationships with global med-tech companies. Its products are registered in more than 60 countries and supplied across 35 nations.

 

According to pro forma financials, PendraCare reported revenue of EUR 9.9 million, gross profit of EUR 7.3 million, EBITDA of EUR 1.4 million and profit before tax of EUR 801,000 in calendar year 2024.

 

Sander Hartman will continue as CEO of the group, retaining a 10 per cent non-voting stake. Certain earn-out payments will be linked to performance milestones over the next four to five years.

 

Polymed expects the transaction to generate annual synergies of EUR 3–4 million in the next three to four years. The company highlighted areas such as R&D collaboration, expanded distribution and deeper presence in European markets as key focus points post-acquisition.

 

Headquartered in India, Polymed manufactures over 200 medical devices across 12 therapy areas including infusion therapy, dialysis, cardiology, oncology, critical care and respiratory care. Its products are sold in more than 125 countries. The company operates 12 manufacturing facilities across four countries with a capacity of 1.8 billion devices annually.

 

Based in Leek, Netherlands, PendraCare develops cardiology catheter products such as guiding and diagnostic catheters. It has ISO certifications, FDA and CE approvals, and a production capacity of 1.5 million units annually. Its products are distributed under its own brand and via OEM partnerships.