Global investment firm KKR is acquiring medical device firm Healthium Medtech from an affiliate of funds advised by Apax Partners LLP.

While the private equity firm did not disclose financial details, it is learnt to be done at a valuation of nearly ₹7,000 crore.

Apart from KKR, the other entities that were in the race reportedly included a consortium of Mankind Pharma and ChrysCapital.

KKR said in a statement that the acquisition will be made by a special purpose vehicle owned by its managed funds. They will acquire a controlling interest in the Healthium group, including Healthium Medtech.

Healthium is a medical devices firm that develops, manufactures and sells a broad range of surgical products globally. Its portfolio caters to a wide spectrum of surgeons’ needs, offering wound closure, arthroscopy, and advanced wound closure products.

Apax Funds acquired Healthium in 2018 and transformed the company from a domestic suture player into a global medical devices leader. With the support of Apax, the company also bolstered its management team to add strong industry experience.

Healthium strengthened its existing portfolio of wound closure devices and consumables and invested in new franchises such as arthroscopy and advanced wound care through in-house R&D and mergers and acquisitions. During this period, Healthium expanded its presence from 50 countries to more than 90 today.

“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,” Healthium CEO Anish Bafna said.

He further said: “We look forward to our next phase of growth with their support, being able to leverage their global platform, as well as strong investment and operational expertise.”

The transaction is subject to receipt of certain regulatory approvals and is expected to close in the third quarter of 2024.

Healthium marks KKR’s latest investment in the healthcare sector in India and the Asia Pacific.

It has invested in JB, a leading branded formulations pharmaceutical company in India; Max Healthcare, one of the country’s largest hospital networks; Gland Pharma, a leading Indian pure-play generic injectable pharmaceutical products company, among others in Japan and the Philippines.