Apax’ Acquisition of Healthium Medtech

Apax was advised by Kirkland & Ellis (legal counsel), Khaitan & Co (legal counsel), and PwC (accounting and tax advisor). TPG Growth was advised by Shardul Amarchand Mangaldas (legal counsel), Deloitte (accounting and tax), and Goldman Sachs.

Quinag Acquisition (FDI) Limited, a company backed by funds advised by Apax Partners (“the Apax Funds”), today announced that it has entered into a definitive agreement to acquire a controlling stake in Healthium MedTech Private Limited (“Healthium” or the “Company”, previously known as “Sutures India”), the leading independent medical devices player in India. 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.

Founded in 1992, Healthium manufactures and sells a broad range of medical devices and consumable products including wound closure products, minimally invasive products including endo surgery and arthroscopy consumables, and urology products. The Company’s key brands include Trusynth, Truglyde, Trubond, and Sironix, amongst others.

Through its strong pan-India distribution presence under the Sutures India division, Healthium sells its products across large and corporate hospitals, nursing homes, and government hospitals and institutions, and 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 medtech products.

Healthium has a significant and growing international business with exports to over 50 countries. With an already strong presence in the urology market in the UK, under the Clinisupplies division, Healthium has also recently and successfully launched a portfolio of wound closure products under the Q-Close brand.

Healthium will be the eighth investment in India for the Apax Funds over the past 11 years. Including this transaction, the Apax Funds have invested just under $2bn of equity in the country. The investment in Healthium marks the second investment in the healthcare space for the Apax Funds in India, following the investment in Apollo Hospitals.

Kirkland & Ellis advised Apax Partners with Srinivas Kaushik (Picture) and London corporate partners Aprajita Dhundia and Rory Mullarkey, with assistance from Chicago tax partner Mike Carew, Hong Kong debt finance partners David Irvine and Daniel Lindsey, Hong Kong government & internal investigations partner Cori Lable and London government & internal investigations partner Marcus Thompson.

Involved fees earner: Srinivas Kaushik – Kirkland & Ellis; Aprajita Dhundia – Kirkland & Ellis; Rory Mullarkey – Kirkland & Ellis; Mike Carew – Kirkland & Ellis; David Irvine – Kirkland & Ellis; Daniel Lindsey – Kirkland & Ellis; Cori Lable – Kirkland & Ellis; Marcus Thompson – Kirkland & Ellis;

Law Firms: Kirkland & Ellis;

Clients: Apax Partners;