Poly Medicure to Acquire 90% Stake in PendraCare for INR 188.5 Cr

Poly Medicure said the deal strengthens its cardiology portfolio and gives it a European base with immediate access to regulated markets.

New Delhi-based Poly Medicure has announced the acquisition of a 90% stake in Netherlands-based PendraCare Group at an enterprise value of €18.3 Mn (₹188.5 Cr).

The remaining 10% will be purchased in 2030, with the price tied to PendraCare’s EBITDA performance in 2029, the company said in a stock exchange filing.

The upfront equity consideration for the majority stake is about €11 Mn, with additional milestone-linked payments structured over the next few years. Closing is expected in four to eight weeks, subject to approvals.

Poly Medicure, founded in 1995, is among India’s largest manufacturers of disposable medical devices and consumables. Its portfolio spans infusion therapy, transfusion, dialysis, respiratory care, gastroenterology and urology products.

The company operates manufacturing facilities in Faridabad, Jaipur, Haridwar, and overseas in China, Egypt and Italy, exporting to more than 110 countries.

The deal seeks to strengthen its cardiology portfolio and gives it a European base with immediate access to regulated markets.

Further, the company expects annual synergies of €3–4 Mn within three to four years through combined R&D, manufacturing efficiencies and cross-selling opportunities.

PendraCare, headquartered in Leek, manufactures interventional cardiology products such as guiding and diagnostic catheters and also offers design and contract manufacturing for global OEMs.

The company reported pro forma revenue of €9.9 Mn in 2024 with EBITDA of €1.4 Mn. Its products hold CE, US FDA and other international approvals, and it supplies to over 35 countries through 50 distributors.

“We are thrilled to announce the acquisition of Pendracare group, a unique Interventional Cardiology consumable business in Europe,” said Himanshu Baid, managing director, Poly Medicure.

PendraCare’s management will continue under CEO Sander Hartman, who will retain the minority stake until 2030. “We have great confidence in Polymed Group as the right partner for the future of PendraCare,” Hartman said.

With revenue of over ₹1,600 Cr in FY24 and a market capitalization above ₹20,000 Cr, Poly Medicure described the purchase as a “bolt-on” transaction aimed at scaling its cardiology business globally.

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