Poly Medicure Limited (NSE: POLYMED | BSE: 531768), a leading Indian medical device manufacturer, has signed definitive agreements to acquire a 90% stake in PendraCare Group, Netherlands, for an enterprise value of €18.3 million. The deal includes PendraCare Holdings and Wellinq Medical, both subsidiaries of Wellinq Holdings B.V.
Under the agreement, Poly Medicure will acquire the remaining 10% stake in 2030, linked to PendraCare’s EBITDA performance in calendar year 2029.
About PendraCare Group
PendraCare specializes in developing and manufacturing innovative cardiology catheter solutions and provides design, development, and contract manufacturing services to global med-tech OEMs. The group’s products are registered across major regulatory jurisdictions including Europe (MDD and MDR), the US (FDA), Brazil (ANVISA), China (CFDA), South Korea (KFDA), and several other markets.
For CY2024, 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 company’s management will continue to lead operations, with CEO Sander Hartman retaining a 10% non-voting stake.
Strategic Rationale
Poly Medicure said the acquisition strengthens its global cardiology business by providing:
- An established European manufacturing base for localized production and distribution
- Immediate access to highly regulated markets in Europe and the US
- A strong platform for global expansion through existing product registrations and customer relationships
- Potential synergies of €3–4 million annually over the next three to four years through enhanced R&D, expanded distribution, and cross-selling opportunities
Valuation metrics place the transaction at 1.83x EV/Revenue and 13x EV/EBITDA (CY2024). Certain earn-out payments are tied to defined milestones over the next four to five years. The deal is expected to close within the next four to eight weeks, subject to customary approvals.
Management Commentary
Himanshu Baid, Managing Director of Poly Medicure, said:
“We are thrilled to announce the acquisition of PendraCare Group, a unique interventional cardiology consumables business in Europe. This move brings us a valuable, made-in-Europe platform with FDA- and CE-marked products and long-term OEM relationships. By combining PendraCare’s European presence with Polymed’s strong R&D and distribution capabilities, we believe the combined business will generate significant synergies and deepen our presence in Europe, a key market for us.”
PendraCare’s founder Floris Alkemade and CEO Sander Hartman added:
“We have great confidence in Polymed as the right partner for the future of PendraCare. Our teams have laid a strong foundation, and together we will continue developing high-quality medical devices that deliver lasting benefits to patients worldwide.”