Poly Medicure acquires Citieffe Group, enters orthopaedics market for €31m

Poly Medicure Limited announced on September 24, 2025, the acquisition of 100% stake in Medistream SA ("Group"), comprising Citieffe SRL and its step-down subsidiaries in USA and Mexico, for an enterprise value of €31m. This move provides Poly Medicure an entry into the global orthopaedics market, particularly the trauma and extremities segment.

Citieffe, an Italy-based manufacturer, generated revenues of €17.3m and EBITDA of €3.1m in CY 2024, demonstrating year-on-year growth of 15% and 14% respectively. The acquisition is expected to close within 4-8 weeks, funded by cash balances and internal accruals.

The acquisition aligns with Poly Medicure's strategy to expand its product portfolio, enhance manufacturing capabilities, and deepen its global distribution network. Synergies include adding plates to its portfolio, entering the joints replacement market, expanding US presence by hiring more sales representatives, and potentially outsourcing manufacturing parts to India for cost reduction. Post-acquisition, Poly Medicure Limited, through its wholly-owned subsidiary Poly Medicure B.V. Amsterdam, Netherlands, will own 100% of Citieffe Group.

In a related development, Poly Medicure also announced the allotment of 33,775 equity shares, each with a face value of Rs. 5, to eligible employees under its Employee Stock Option Scheme, 2020. This allotment increases the company's paid-up equity share capital from Rs. 50,66,28,575 to Rs. 50,67,97,450. The shares were issued at an exercise price of Rs. 100/- per share, including a premium of Rs. 95/- per share.