Poly Medicure Ltd announced on Wednesday that it will acquire a 90% stake in the Netherlands-based PendraCare Group from Wellinq Holdings B.V. The deal is valued at an enterprise worth of ₹188.5 crore (€18.3 million).
Deal Structure and Future Stake Purchase
As reported by Business Standard, the company signed definitive agreements to acquire PendraCare Holdings and Wellinq Medical under the PendraCare Group. Poly Medicure will acquire the remaining 10% stake in 2030, based on the actual EBITDA performance of 2029.
Management Continuity at PendraCare
The existing leadership team at PendraCare will continue to manage operations. Sander Hartman, who will retain 10% non-voting shares, will remain as Chief Executive Officer.
About PendraCare Group
PendraCare develops, manufactures, and markets innovative cardiology catheter solutions. In addition, it provides design, development, and manufacturing services to global original equipment manufacturers (OEMs).
Strategic Rationale for the Acquisition
Himanshu Baid, Managing Director of Poly Medicure, highlighted that the acquisition brings a “made-in-Europe” cardiology consumables portfolio with FDA and CE-marked products and long-standing global OEM partnerships. He emphasized that combining PendraCare’s European presence with Polymed’s engineering, R&D, manufacturing, and distribution strengths will create significant synergies.
Strengthening European and Global Presence
According to Baid, the deal deepens Poly Medicure’s footprint in Europe, a key market for the company. Moreover, it provides immediate access to highly regulated markets in Europe and the United States, accelerating Polymed’s global cardiology business expansion.
Projected Synergies
Poly Medicure expects the acquisition to generate annual synergies worth €3–4 million within the next three to four years.