Poly Medicure to acquire majority stake in PendraCare Group for ₹188.5 crore

Indian medical device company Poly Medicure Limited has entered into definitive agreements to acquire a 90% stake in the Netherlands-based PendraCare Group, which comprises PendraCare Holdings and Wellinq Medical, for an enterprise value of Rs 188.5 crore (€18.3 million). The remaining 10% stake is scheduled to be acquired in 2030, linked to the company’s Ebitda performance in 2029.

PendraCare develops and manufactures cardiology catheter solutions and provides design and contract manufacturing services for global medical technology companies. With this acquisition, Poly Medicure will gain an immediate presence in Europe and the United States, two of the most regulated healthcare markets, while also strengthening its cardiology portfolio.

The Dutch group’s products are registered with European MDR and MDD regulators, as well as the US Food and Drug Administration, ANVISA in Brazil, CFDA in China, and KFDA in South Korea, among others. Its European manufacturing base enables localised production and distribution, while the company has built long-term relationships with global med-tech OEMs.

Poly Medicure said it expects the acquisition to provide a platform for scaling its cardiology business globally, supported by regulatory approvals, established customer relationships, and complementary product lines. The company projects annual synergies of €3–4 million over the next three to four years, driven by integration of R&D and manufacturing capabilities, expansion of distribution networks, and new product launches in Europe.

For FY 2024, PendraCare reported revenue of €9.9 million, gross profit of €7.3 million, EBITDA of €1.4 million and profit before tax of €801,000. The agreed valuation reflects EV-to-revenue and EV-to-EBITDA multiples of 1.83 and 13 respectively.

Commenting on the transaction, Himanshu Baid, Managing Director, Poly Medicure Limited, said, “This move brings us a valuable, ‘made-in-Europe’ cardiology consumables business with FDA and CE-marked products and long-term relationships with global OEMs. By combining Pendracare Group’s European presence and customer relationships with Polymed’s strong engineering, R&D, manufacturing and distribution capabilities, we will deliver significant synergies for the combined business.”

“Most importantly, it deepens our presence in Europe – a key market for Polymed. This acquisition helps in furthering our vision of ‘Serving people through innovative healthcare solutions’,” he said.

The existing management will continue to lead PendraCare. Chief Executive Officer Sander Hartman will retain a 10% non-voting shareholding until 2030. The deal is expected to close in the next four to eight weeks, subject to regulatory approvals and customary conditions.

“Together we will continue to focus on developing and delivering the highest-quality medical devices, ensuring lasting benefits for users and patients worldwide,” Floris Alkemade, Founder of PendraCare, and CEO Sander Hartman added.