Poly Medicure Acquires PendraCare Group to Expand Global Cardiology Biz

PendraCare’s product portfolio includes interventional cardiology devices, particularly guiding and diagnostic catheters, which are sold under its own brand as well as supplied to major global medical devices companies.

Poly Medicure Limited has announced the acquisition of PendraCare Group in Amsterdam, Netherlands, as approved by its Board of Directors on September 3, 2025.

The acquisition is aimed at expanding Poly Medicure’s cardiology business on a global scale.

The acquisition includes an upfront equity consideration of EUR 11 million and the takeover of inter-group loan liabilities amounting to EUR 3.2 million, resulting in a total upfront payment of EUR 14.2 million. In addition, Poly Medicure will take over a net debt of approximately EUR 2.9 million.

The company reported that the acquisition was made at an enterprise value to revenue ratio of about 1.8 times and an enterprise value to EBITDA ratio of 13 times. There are also provisions for earn-out payments based on well-defined milestones to be achieved over the next four to five years.

The remaining 10% stake held by Sander Hartman is scheduled to be acquired in 2030, based on the actual EBITDA generated in 2029.

In terms of financial performance, PendraCare Group generated close to EUR 9.9 million in revenue in the calendar year 2024. The company’s EBITDA stood at EUR 1.4 million, with a profit before tax of about EUR 800 thousand. The business reported a gross margin of 74%.

The acquisition is aligned with Poly Medicure’s core strategy to grow in the cardiology segment. PendraCare Group is a notable player in the interventional cardiology space, operating out of Leek, Netherlands, and serving global markets with product registrations in Europe, the United States, and over 60 other countries.

PendraCare’s product portfolio includes interventional cardiology devices, particularly guiding and diagnostic catheters, which are sold under its own brand as well as supplied to major global medical devices companies.

The company’s manufacturing footprint covers approximately 3,800 square meters across three locations, with an annual production capacity of close to 1.5 million units. Current production ranges from 700,000 to 800,000 units annually.

A new lease agreement will consolidate all three manufacturing locations under one roof to enhance operational efficiency. The facility includes approximately 1,100 square meters of cleanroom space and is approved by the FDA and ISO-certified.

Poly Medicure expects to generate synergies by combining its research and development, engineering, manufacturing, and distribution capabilities with PendraCare Group’s regulatory approvals and R&D expertise. The company anticipates generating between EUR 3 million and EUR 4 million in incremental EBITDA from these synergies within the next three to four years.

The products are approved under the Medical Device Directive (MDD) and the Medical Device Regulation (MDR) in Europe, and the guiding catheter is approved by the U.S. Food and Drug Administration (FDA).

The acquisition provides Poly Medicure with a manufacturing base in Europe and expanded distribution across multiple regions, facilitating global growth in its cardiology business.

Stay tuned for more such updates on Digital Health News