TPG, CX exit India's Healthium to Apax
Apax Partners has acquired Indian medical devices supplier Healthium Medtech, facilitating exits for TPG Growth and CX Partners.
Financial details have not been disclosed, but Livemint has reported the transaction entails the transfer of an almost 100% interest to Apax for $350 million. TPG and CX have reportedly sold stakes of 73% and 12%, respectively.
“Healthcare is a key focus area for Apax in India given secular tailwinds around healthcare spend and government initiatives focused on affordable and universal healthcare,” Shashank Singh, Apax’s head of India, said in a statement. “The opportunity is to create a medtech platform of scale to deliver a broad portfolio of products in the Indian market, and we are excited to partner with the management team of Healthium to deliver this vision.”
TPG first invested the company in 2013, taking a 23% interest for about INR1.4 billion ($22.3 million). The GP increased its stake over time and contributed to growth initiatives including the introduction of new products such as special orthopedic implants, plastic casts and surgical instruments.
Founded in 2012 as Sutures India, Healthium manufactures and sells a range of medical devices and consumables, including wound closure products, minimally invasive endo surgery products and urology products. Clients include more than 1,000 corporate hospitals, nursing homes, government hospitals and institutions across India. It also exports to more than 50 countries.
The deal marks the second healthcare transaction for Apax following a $14 million investment in Chennai-based Apollo Hospitals in 2008. It brings the firm’s overall exposure to India during the past 11 years to about $2 billion of equity across eight transactions.
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