Poly Medicure Limited (NSE: POLYMED | BSE: 531768), India’s leading medical device manufacturer, has signed a definitive agreement to acquire Medistream SA, the holding company of Italy-based Citieffe SRL and its subsidiaries in the U.S. and Mexico. The deal, valued at an enterprise value of ₹324 crore (€31 million), marks Poly Medicure’s second acquisition in less than a month and its entry into the global orthopaedics market.
Citieffe specializes in trauma and extremities orthopaedics, with a direct presence in Italy, the U.S., and Mexico, and distribution across more than 25 countries. The company reported revenues of €17.3 million and EBITDA of €3.1 million in 2024, growing 15% and 14% year-on-year, respectively. It holds 45 patents and full EU MDR clearance, alongside regulatory approvals in key markets, including the U.S.
The acquisition is expected to provide Poly Medicure with a strong platform to expand into the fast-growing trauma and extremities segment of orthopaedics. Citieffe ranks as the second-largest independent player in Italy with more than 12% market share, and holds a similar position in Mexico, while building scale in the U.S., the world’s largest orthopaedics market.
Under the transaction, Poly Medicure will acquire 100% of Medistream SA, including repayment of shareholder loans and assumption of net debt. The deal values Citieffe at 10.2 times its FY24 EBITDA and is expected to close in the next 4–8 weeks, subject to customary approvals. Current CEO Pascal Govi will continue to lead Citieffe post-acquisition.
“This acquisition marks another step in our journey to become a comprehensive healthcare solutions provider,” said Himanshu Baid, Managing Director of Poly Medicure. “Citieffe’s innovation pipeline, combined with Polymed’s manufacturing and commercial scale, will accelerate growth in orthopaedics and expand our reach in key global markets.”
Citieffe’s CEO Pascal Govi said he was “enthusiastic to start a new venture” with Poly Medicure, noting the company’s shared vision and long-term growth focus. ARCHIMED, a European healthcare-focused private equity firm and current majority owner, said the deal validates Citieffe’s growth trajectory and global positioning.
With this acquisition, Poly Medicure aims to broaden its product portfolio, expand its U.S. presence, explore adjacencies such as joint replacement, and potentially manufacture some products in India to reduce costs and improve margins.