Healthium MedTech has now been acquired by Apax Partners after it entered into a definitive agreement to acquire a controlling stake. The Bengaluru-based Healthium is the erstwhile Sutures India. The transaction details are not disclosed.
 
The controlling stake was acquired from existing shareholders including TPG Growth, CX Partners, and founding shareholders. The transaction is subject to customary approvals. The financial terms of the transaction are not being disclosed.
 
The over two-decade-old Healthium manufactures and markets wound closure products, minimally invasive products including endo surgery and arthroscopy consumables, and urology products. Its key brands include Trusynth, Truglyde, Trubond, and Sironix, amongst others.
 
Through its strong pan-India distribution presence under the Sutures India division, Healthium services over 10,000 hospitals across the country. Backed by the Apax Funds, Healthium plans to further deepen its presence in the Indian market and broaden its portfolio of specialty med-tech products. It exports to over 50 countries. This includes a strong presence in the urology market in the UK, under the Clinisupplies division. It also recently launched a portfolio of wound closure products under the Q-Close brand.
 
For Apax Partners, Healthium will be the eighth investment in India over the past 11 years. Including this transaction, it invested just under $2 billion of equity in India. The investment in Healthium marks the second investment in the healthcare space for the Apax in India, following the investment in Apollo Hospitals.
 
Healthcare is a key focus area for the company. Healthium, with its strong IP and domestic manufacturing base, is well positioned to improve healthcare access under the Make in India programme. The opportunity is to create a medtech platform of scale to deliver a broad portfolio of products in the Indian market, stated Shashank Singh, partner, Apax Partners and head of Apax’s India.
 
Steven Dyson, Partner at Apax Partners and global co-head of Healthcare at Apax, said: Apax has experience with  medical devices companies globally with several large businesses including Vyaire, Acelity and Syneron Candela. Healthium is a well-established brand selling high quality products at affordable prices, necessary in India.
 
“We have invested in a significant number of healthcare provider businesses globally from urgent care clinics and travel nurse staffing in the US to world-class cancer clinics and specialty mother and child centers in India, said Matt Hobart, Partner at TPG Growth.
 
Apax was advised by Kirkland & Ellis, Khaitan and PwC (accounting and tax advisor). TPG Growth was advised by Shardul Amarchand Mangaldas, Deloitte and Goldman Sachs.