India Value Fund Advisors invests $24m in Trivitron Healthcare
Trivitron Healthcare has received INR1.5 billion ($24.5 million) from India Value Fund Advisors (IVFA) for a minority stake in the medical technology company.
The company started operations in 1997 as a distributor of medical equipment and devices and now manufactures medical equipment across the in-vitro diagnostics, imaging, intensive care and operating theatre space.
According to its website, Trivitron generates annual revenues of INR7.5 billion and claims to be the largest medical technology company of Indian origin, with products exported to more than 165 countries.
It previously raised $11.4 million from ePlanet Ventures and HSBC Private Equity/Headland Capital in 2007. They part-exited their stakes to Fidelity Growth Partners in 2012, when Fidelity invested $74.5 million for a 23% stake.
"Trivitron has a strong brand, an excellent track record in serving customers through a combination of cutting edge medical technology, cost effective and innovative new products and seamless after sales service in the medical equipment industry in India," Vishal Nevatia, managing partner at IVFA, said in a statement.
The company has eight in-house manufacturing facilities across Chennai, Mumbai, Pune and Helsinki. It will add two more units in Chennai by the year end and has plans to ramp up operations.
IVFA's portfolio currently includes DM Healthcare, a Dubai-based healthcare services chain, and Manipal Hospitals.
Private equity firms have typically focused on Indian hospital chains and related healthcare providers, but medical equipment is increasingly an area of interest. This year Goldman Sachs' PE unit committed INR1.1 billion to BPL Medical Technologies and TPG Growth acquired a minority stake in Bangalore-based surgical equipment maker Sutures India for INR1.45 billion.
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