Poly Medicure to acquire european cardiology consumable group Pendracare

Poly Medicure Limited is acquiring Pendracare Group, a Netherlands-based specialist in cardiology catheter-based technologies, through its newly incorporated wholly-owned step-down subsidiary, RisoR Holdings B.V. The acquisition involves an upfront equity consideration of ~€11m and repayment of inter-group loan liabilities of €3.2m, totaling ~€14.2m. Poly Medicure will also assume net external debt of €2.9m. Post-acquisition, Poly Medicure, through RisoR Holdings B.V., will hold 90% of Pendracare’s economic rights.

Pendracare generated CY24 revenue of €9.9m with a gross profit of €7.3m and EBITDA of €1.4m. The acquisition, expected to close in 4-8 weeks, is projected to yield an annual EBITDA synergy of €3-4m within 3-4 years. It expands Poly Medicure’s distribution network, leverages existing relationships, and provides direct access to the European market for its cardiology product sales.

The acquisition aligns with Poly Medicure's strategic focus on continuous innovation and global expansion, aiming to solidify its presence in the medical device industry. Pendracare will operate as a step-down subsidiary, with its existing management, including chief executive Sander Hartman, continuing their roles.