Healthium Medtech on Tuesday announced that it has entered into a definitive agreement to sell its UK-based subsidiary, Clinisupplies to KKR, which is investing through its KKR Health Care Strategic Growth Fund II.
According to a press statement, the company will re-invest the proceeds from the transaction to strengthen its portfolio in advanced surgery, wound care, orthopaedics, and post-surgical care through organic and inorganic routes.
Based in Watford, UK, Clinisupplies was acquired by Healthium in 2016. The company has a strong portfolio of products in continence care and partners with the NHS to supply quality and cost-effective continence care products, it stated.
“The move marks Healthium’s strategic decision to focus on innovation and expansion in areas that the organisation sees as its own core growth areas. Healthium will continue to remain in the UK through its surgical consumables portfolio.Healthium Medtech has a diverse portfolio of medical devices and consumables, which includes surgical sutures, needles, a patented arthroscopy portfolio, patented wound care portfolio, hernia meshes, haemostats, ligation clips, surgical staplers and other wound closure devices. Currently, the company has eight manufacturing facilities across India, and holds 64 patents across US, Europe and India (including pending applications),” the company said in a statement on Tuesday.
The company also stated that Healthium Medtech and Apax Partners were advised by RBC Capital Markets as lead financial advisor and Kirkland & Ellis, LLP as legal counsel. The transaction will close by January 2023.
“The divestment of Clinisupplies is a strategic decision in line with our business priorities and gives a solid impetus to our vision of facilitating precision medtech for every patient globally. We will continue to strengthen and expand our growing product portfolios in the surgical and the post-surgical space through continuous innovation, strong R&D and inorganic investments. We are proud to have helped Clinisupplies build and scale the business and we would like to thank CEO Paul Cook, CFO Samik Basu and the team for all their hard work and dedication over the last few years. I wish them every success for the future in this new exciting chapter with their new partner,” Anish Bafna, CEO and MD, Healthium Medtech, said on Tuesday.
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