Medical devices maker Polymed acquires 90% stake in Netherlands’ PendraCare at Rs.188.5 Cr valuation

Delhi-based medical devices maker Poly Medicure Ltd (Polymed) has acquired a 90% stake in Netherlands-based PendraCare Group, which includes PendraCare Holdings and Wellinq Medical, from Wellinq Holdings BV at an enterprise value of INR 188.5 crore (EUR 18.3 million).The remaining 10 stake will be acquired in 2030 based on PendraCare’s EBITDA performance in CY 2029.PendraCare is a developer and manufacturer of cardiology catheter solutions, including guiding and diagnostic catheters. Its products are registered in more than 60 countries, including CE and FDA approvals, and are supplied across 35 countries. In CY 2024, it reported a revenue of EUR 9.9 million, a gross profit of EUR 7.3 million, and EBITDA of EUR 1.4 million.