Poly Medicure Acquires Italy’s Citieffe via Medistream in ₹324 Crore Deal

Medical device manufacturer Poly Medicure Ltd announced on Wednesday that it has signed a definitive agreement to acquire a 100% stake in Medistream SA, the holding company of Citieffe SRL and its step-down subsidiaries in the US and Mexico. The deal is valued at an enterprise value of ₹324 crore (€31 million) and marks Poly Medicure’s second acquisition in less than a month.

Citieffe, headquartered in Italy, specializes in orthopaedic trauma and extremities, with a direct presence in Italy, the US, and Mexico, alongside distribution in over 25 countries. In CY2024, the company reported revenues of €17.3 million and EBITDA of €3.1 million, reflecting 15% and 14% year-on-year growth, respectively.

Poly Medicure said the acquisition gives it an important entry point into the global orthopaedics market, particularly the trauma and extremities segment, which is among the fastest-growing and most resilient within orthopaedics. Citieffe brings with it a strong innovation base, with 45 patents, full EU MDR clearance, and FDA accreditation in the US. The company commands about 12% market share in Italy, is among the leading players in Mexico (12%+ share), and is actively expanding in the US.

The acquisition is expected to unlock several strategic synergies, including the expansion of Poly Medicure’s portfolio with trauma plates, potential entry into the joint replacement market, and opportunities to scale US operations by adding sales representatives. Poly Medicure also plans to outsource part of the manufacturing to India to optimize costs.

In addition, the company intends to introduce Citieffe’s product line in India through local manufacturing while using Poly Medicure’s established global distribution network to grow Citieffe’s footprint further across Europe and other markets.