Creating a global MedTech champion out of a hidden gem

In May 2024, Apax IX announced the sale of its controlling stake in Healthium, a leading Indian medical devices player, at an uplift of c.23% to the last Unaffected Valuation¹

Founded in India in 1992, Healthium is a medical technology (“MedTech”) company which manufactures and sells a broad range of medical devices and consumable products globally. Its comprehensive, high-quality portfolio caters to a wide spectrum of surgeons’ needs, offering arthroscopy, advanced wound closure and infection prevention products.

Over the course of the investment, Apax IX drove substantial transformation at the company, including:
Rebuilding Healthium’s management team to add deep industry expertise, including with the appointment of a new CEO and CFO;

Repositioning the business to focus exclusively on surgical consumables and devices, through the divestment of the urology division in 2023 and the acquisition of several surgical companies. Healthium products are now used in one-in-five surgeries globally;

Supporting the company’s investments in sales and marketing initiatives to support its global expansion – Healthium’s geographic footprint almost doubled from 50 countries in 2018 to over 90 today; and

Backing Healthium’s investments in R&D and the launch of several new products including an internally developed arthroscopy franchise which, within a few years, has become the third largest in India.

Apax IX acquired Healthium in 2018 and transformed the company from a domestic player into a global MedTech leader. In Healthium, Apax IX saw a truly “Hidden Gem” and an opportunity to transform a local Indian company into a global MedTech business. Apax IX identified an opportunity to leverage Apax’s deep healthcare expertise and experience from prior MedTech partnerships as well as the team’s local knowledge of the Indian market, to transform Healthium into a global leader, building on the company’s strong foundations as a domestic player.