Poly Medicure acquires PendraCare to expand global cardiology business

Poly Medicure Limited announced the acquisition of PendraCare Group, a European cardiology consumer business, for an upfront equity consideration of €11 million, plus taking over inter-group loan liabilities of €3.2 million, and a net debt of €2.9 million. The acquisition, valued at an EV/revenue of 1.8x and EV/EBITDA of 13x, is expected to generate an additional EBITDA synergy of €3 million to €4 million for the group over the next three to four years.

PendraCare Group, operating from Leek, Netherlands, reported €9.9 million in revenue, €1.4 million in EBITDA, and €800 thousand in PBT for the calendar year 2024, with a gross margin of 74%. The company specializes in interventional cardiology products, including guiding and diagnostic catheters, serving over 35 countries. Poly Medicure aims to leverage PendraCare's regulatory approvals (MDD, MDR, FDA) and manufacturing footprint in Europe to expedite the launch of its own cardiology products globally, with a target of €25 million in revenue for PendraCare by 2030, including synergies.

The acquisition is part of Poly Medicure’s core strategy to expand its cardiology business, utilizing PendraCare’s existing distribution network and R&D capabilities. Efficiencies are also expected from consolidating PendraCare's three operating locations into a single, larger leased facility with 1,100 square meters of cleanroom space.