Medical devices maker Poly Medicure Limited (Polymed) has announced the acquisition of a 90% stake in the Netherlands-based PendraCare Group — which includes PendraCare Holdings and Wellinq Medical — at an enterprise value of ₹188.5 crore (€18.3 million). The remaining 10% stake will be acquired in 2030, linked to PendraCare’s EBITDA performance in CY2029.
Strengthening Global Cardiology Business
PendraCare Group is engaged in the development and manufacturing of cardiology catheter solutions and also provides design and production services to global original equipment manufacturers (OEMs). The deal is a strategic fit for Polymed, giving it immediate access to regulated markets in Europe and the US, while strengthening its research, development, and manufacturing capabilities in the cardiology space.
The acquisition also provides Polymed with a European manufacturing base, helping localise production and distribution, while leveraging established partnerships with large med-tech OEMs.
Regulatory Approvals & Market Advantage
PendraCare’s portfolio already holds regulatory approvals across major geographies, including Europe (MDD & MDR), US FDA, ANVISA (Brazil), CFDA (China), and KFDA (Korea), along with multiple other country-specific certifications. This positions Polymed to accelerate global expansion and product launches.
Synergies & Growth Potential
Polymed expects to generate €3–4 million in annual synergies over the next 3–4 years by:
- Using its R&D and engineering capabilities to drive innovation and reduce costs.
- Expanding its distribution reach through global networks.
- Leveraging PendraCare’s OEM relationships to push cardiology products.
- Strengthening its presence in Europe with both existing and new products.
Financial Snapshot of PendraCare
For CY2024, PendraCare reported:
- Revenue: €9.9 million
- Gross Profit: €7.3 million
- EBITDA: €1.4 million
- Profit Before Tax: €801,000
The deal values PendraCare at an EV/Revenue multiple of 1.83x and EV/EBITDA multiple of 13x.
Management & Deal Structure
The existing management team will continue to run the company, with CEO Sander Hartman retaining a 10% non-voting stake until 2030. Additionally, earn-out payments will be linked to milestone achievements over the next 4–5 years.
The acquisition is subject to customary approvals and is expected to close within four to eight weeks.
Summary
Polymed’s ₹189 crore acquisition of Netherlands-based PendraCare marks a major step in its global cardiology expansion strategy. The deal provides access to regulated markets, a European manufacturing base, and strong OEM relationships, while expected synergies of €3–4 million annually could strengthen margins. With regulatory approvals across key geographies and a proven product base, the move positions Polymed to accelerate growth in the high-potential cardiology devices market.
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