Poly Medicure (Polymed), a leading Indian medical device manufacturer, has signed definitive agreements to acquire a 90% stake in the Netherlands-based PendraCare Group — which includes PendraCare Holdings and Wellinq Medical — from Wellinq Holdings B.V. The deal values the group at an enterprise value of ₹188.5 crore (€18.3 million).
Under the agreement, the remaining 10% stake will be acquired in 2030, based on PendraCare’s EBITDA for 2029. The transaction is subject to customary closing conditions and regulatory approvals, with completion expected in the next four to eight weeks.
PendraCare develops and manufactures cardiology catheter solutions and provides design and production services to global OEMs. The company holds approvals from US FDA, European MDD and MDR, and markets in Brazil, China, and South Korea. Its products are registered in over 60 countries and supplied across 35 nations.
In 2024, PendraCare reported revenue of €9.9 million, EBITDA of €1.4 million, and profit before tax of €0.8 million. The group has a European manufacturing base, strong distribution ties with global med-tech players, and an annual production capacity of 1.5 million catheter units. CEO Sander Hartman will continue in his role, retaining a 10% non-voting stake, with performance-linked earn-out payments tied to milestones over the next 4–5 years.
Polymed said the acquisition will strengthen its cardiology business in Europe and the US, supported by PendraCare’s regulatory approvals and distribution network. The company expects to generate annual synergies of €3–4 million in the next 3–4 years through R&D collaboration, expanded distribution, and a deeper presence in European markets.
Headquartered in India, Polymed manufactures over 200 medical devices across 12 therapy areas including infusion therapy, dialysis, cardiology, oncology, critical care, and respiratory care. It operates 12 manufacturing facilities across four countries, producing 1.8 billion devices annually, and supplies to more than 125 countries