Poly Medicure Expands Reach with Acquisition of PendraCare Group
Poly Medicure, a prominent Indian medical device manufacturer, has announced its acquisition of a 90% stake in the Netherlands-based PendraCare Group. This deal, valued at ₹188.5 crores (approximately €18.3 million), includes both PendraCare Holdings and Wellinq Medical. The agreement includes a plan to acquire the remaining 10% of the group by 2030, contingent on the actual earnings before interest, taxes, depreciation, and amortization (EBITDA) for the year 2029.
PendraCare Group is recognized for its innovative cardiology catheter solutions and serves as an Original Equipment Manufacturer (OEM). Through this acquisition, Poly Medicure gains quick access to regulated healthcare markets in Europe and the United States. This strategic move is part of Poly Medicure’s larger plan to enhance its cardiology business by utilizing advanced research and development along with manufacturing capabilities for cardiology-related products.
PendraCare comes with an established portfolio that includes products certified across various international markets, such as Europe, the United States, and several Asian nations. Their decade-long partnerships with global med-tech OEMs will likely bolster Poly Medicure’s distribution capabilities and further expand its product range globally.
In 2024, PendraCare reported impressive financials, with revenues reaching €9.9 million, a gross profit of €7.3 million, and an EBITDA of €1.4 million. The current management team, led by CEO Sander Hartman, will remain in place. Hartman will keep a 10% non-voting share until 2030.
Himanshu Baid, Managing Director of Poly Medicure, expressed excitement about the acquisition, stating, “This partnership allows us to tap into a valuable European-based cardiology consumables business that holds FDA and CE certifications. By merging PendraCare’s strong European footprint with our engineering and distribution strengths, we aim to create significant benefits and enhance our market presence in Europe.”
PendraCare’s founder, Floris Alkemade, and CEO Sander Hartman also voiced their optimism, stating, “We believe Poly Medicure is the right partner as we move forward. Together, we will prioritize the creation and delivery of high-quality medical devices that make a difference for patients globally.”
The acquisition will proceed once it meets standard closing conditions and regulatory approvals, with completion anticipated within the next four to eight weeks.
