- ByStartupStory | May 7, 2024
KKR, a global investment powerhouse, has officially announced its acquisition of Healthium Medtech Ltd., a prominent Indian medical devices company. This strategic move involves funds managed by KKR taking control of Healthium from an affiliate of Apax Partners LLP, a major global private equity advisor. The acquisition entails a special purpose vehicle owned by KKR-managed funds assuming a controlling interest in the Healthium group, including its namesake company.
Established in 1992 in India, Healthium has carved out a niche in the medical devices sector, focusing on a comprehensive array of surgical products that serve a global market. These range from wound closure to more specialized fields like arthroscopy and advanced wound care, underpinning surgeries worldwide.
Apax Partners took ownership of Healthium in 2018 and has since repositioned the company from a domestic entity into a global frontrunner in medical devices. Significant contributions from Apax include the strategic enhancement of the management team, with notable appointments such as Anish Bafna as CEO and Vishal Maheshwari as CFO. Under Apax’s tenure, Healthium broadened its product portfolio and expanded its market presence from 50 to over 90 countries.
Speaking on the transition, Akshay Tanna, Partner and Head of India Private Equity at KKR, remarked, “Under the leadership of Anish and his talented management team, 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. We look forward to leveraging our global network and healthcare expertise to accelerate its growth in this fast-growing sector and further scale its global business through organic and inorganic growth strategies.”
Steven Dyson, Partner at Apax, highlighted the transformation under their guidance, stating, “Thanks to our long experience partnering with medical devices companies, we saw the opportunity to leverage Healthium’s strong existing portfolio to create a global diversified MedTech platform. We are proud to have supported Healthium on its growth journey to become the leading medical technology player in India through investments in innovation, manufacturing capacity, and portfolio expansion.”
Anish Bafna, CEO of Healthium, expressed gratitude towards Apax for their pivotal role in the company’s rapid growth and is optimistic about the new chapter with KKR. “Over the last five years, with the support and partnership of Apax, Healthium has tremendously accelerated its growth. Our products are now used in one-in-five surgeries globally and we have nearly doubled the markets we’re present in,” Bafna said. “As we look to further strengthen and expand our market position, we are delighted to welcome an investor of KKR’s calibre, who brings deep global healthcare expertise and knowledge of the Indian market.”
This acquisition, sourced from KKR’s Asian Fund IV, underscores KKR’s continued focus on the healthcare sector across India and the Asia Pacific, marking yet another significant investment following others like JB Pharmaceuticals, Max Healthcare, and Gland Pharma.
The completion of this transaction is anticipated in the third quarter of 2024, pending customary regulatory approvals. Financial terms of the deal were not disclosed. Advisors to the deal included Jefferies LLC and Kirkland & Ellis LLP for Apax and Healthium, with Moelis & Company, Simpson Thacher & Bartlett, and AZB & Partners advising KKR.
