British private equity firm Apax Partners promoted medical devices firm Healthium Medtech has acquired the ‘AbGel’ gelatin sponge business from Mumbai-based SGK Labs, adding to its product portfolio focused on surgical and post-surgical care.
Moneycontrol was the first to report the listing plans of Healthium Medtech on July 2.
AbGel is a recognised brand in the gelatin sponge category and has been used in India since 1980. It is a market leader in this category and is used in various surgical applications. Headquartered in Mumbai, SGK Labs has been a partner for leading hospitals and medical professionals across India. Healthium aims to further expand the market access of this brand using its wide network of hospitals across India, the announcement added.
Healthium’s product portfolio includes surgical sutures, needles, a patented arthroscopy portfolio, a urology portfolio, hernia meshes, haemostats, gloves, ligation clips, surgical staplers and other wound closure devices.
Speaking on the acquisition, Anish Bafna, CEO and MD, Healthium Medtech, said,” We are excited to add a brand like AbGel that has become synonymous with the gelatin sponge category and has been contributing to safer surgeries for over 4 decades. This acquisition strengthens our presence in the category and our commitment to drive value for our customers. We look forward to combining Healthium’s R&D and manufacturing capabilities with the talent and expertise brought by AbGel’s team as we expand access to precision medtech for patients, globally.”
Viral Parekh, Managing Director - SGK Labs said “AbGel has been the leading and most trusted brand of haemostatic sponges. I am delighted that our product and brand provide immense synergies and is a natural fit for Healthium’s vast product portfolio. Under Healthium’s management, I am confident that AbGel shall have a wider market reach in the ever-growing medical devices segment.”
Wodehouse Capital was the sole financial advisor to SGK Labs in this transaction. Khaitan & Co acted as the legal counsel for the sellers.
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