KKR, Carlyle and EQT among five buyout funds in race for Healthium
buyout funds KKR, Carlyle, EQT, Hillhouse and TA Associates are competing against each other to buy out Healthium Medtech, the largest homegrown surgical sutures manufacturer, also the largest manufacturer of surgical needles globally by volume, in what is turning out to be the fiercest bidding process of the year.
Healthium (formerly Sutures India), 99.8% owned by Apax Partners is the fourth largest surgical suture manufacturer in the world with a market share of about 18% in India. These funds were shortlisted this weekend after the first round of screening based on non-binding bids submitted last week which largely value the company between Rs 6300 crore to Rs 6500 crore.
A formal sale process was launched earlier this year with Jefferies mandated to sell the company with close to two dozen funds including Blackstone, Partners Group, Canadian pension funds, picking up the information memorandum and signing non-disclosure agreements.
Apax, TA Associates, Carlyle declined to comment. Mails sent to EQT, KKR, Hillhouse did not generate any response till press time.
Ethicon Inc, from Johnson & Johnson is the largest player in the market. Arthrex Inc, and Covidien Holding Inc are some of the other global players in this surgical sutures market.
Healthium has four key product areas — wound closure, arthroscopy, wound care and infection prevention portfolio. The company has a strong market position as one of the largest manufacturers of surgical needles and sutures in the global market. The company had introduced
