Apax initiates sale of Healthium Medtech
British Private equity firm Apax Partners has started the process to sell Healthium Medtech, the largest homegrown surgical sutures manufacturer, said multiple people aware of the development. The proposed sale is expected to value the company at ₹6,500-₹7,000 crore ($850 million), said sources.
Healthium (formerly Sutures India) is the fourth largest surgical suture manufacturer in the world and the second largest in the country with a market share of about 18%.
«Discussions with various investment bankers were started and one will be hired shortly,» said sources. This latest move comes after the listing plans were called off in 2021.
Apax Partners holds about 99.8% stake in Healthium.
In 2018, Quinag Acquisition (FDI), a company backed by funds advised by Apax Partners, acquired the stake from PE funds TPG Growth, CX Partners, and founding shareholders, for about ₹1,950 crore ($300 million).
The market for surgical sutures is primarily dominated by Johnson & Johnson, through its brand Ethicon, which is the leader in India with about 55% market share.
Apax Partners spokesperson declined to comment.
The domestic surgical sutures market will continue to grow at a compound annual growth rate of over 13% to reach $380 million in 2030, according to GlobalData's report, 'India Surgical Sutures Market Share.' India will account for about 18% of the Asia-Pacific (APAC) surgical sutures market, by revenue, in 2023, it said.
Ethicon Inc, Arthrex Inc, and Covidien Holding Inc are some of the global players in this surgical sutures market.
Healthium (formerly Sutures India), was set up in 1992 in Bengaluru by L.G. Chandrasekhar and S.
