Poly Medicure acquires Citieffe to expand global orthopaedic market footprint

Poly Medicure Limited is acquiring 100% of Medistream SA, comprising Citieffe SRL and its subsidiaries in USA and Mexico. The total upfront payout for the acquisition is approximately €23 million, with an equity valuation of ~€18.8 million and repayment of €4.2 million in shareholder loan liabilities. The transaction values the company at an Enterprise Value of €31 million, representing an EV/EBITDAx of 10.2x based on FY24 figures. The deal is expected to close within the next 4-8 weeks, funded by cash balances and internal accruals.

Citieffe, founded in 1962, is a vertically integrated developer, manufacturer, and distributor of Trauma and Extremity fixation systems with direct sales in Italy, the US, and Mexico. For CY24, Citieffe reported a revenue of €17.3 million and an EBITDA of €3.1 million, with year-on-year growth rates of 15% and 14%, respectively. The company holds 45 patents and operates with a dedicated R&D team.

This acquisition strategically positions Poly Medicure to leverage Citieffe's strong R&D, in-house manufacturing, and established distribution network to enter the global orthopaedic market, focusing on the fast-growing Trauma & Extremities segment. Synergies include product and distribution expansion, manufacturing outsourcing, and direct access to key markets like Italy, USA, and Mexico, where Citieffe already has a significant presence.