Poly Medicure Announces PendraCare Group Acquisition

Disclaimer This is an AI-assisted live blog with updates sourced from multiple news outlets and agencies Disclaimer

Poly Medicure Limited has announced the acquisition of PendraCare Group in Amsterdam, Netherlands, as approved by the Board of Directors on September 3, 2025. This acquisition aims to expand Poly Medicure's cardiology business on a global basis.

The acquisition includes an upfront equity consideration of EUR 11 million and the takeover of inter-group loan liabilities of EUR 3.2 million, resulting in an upfront payment consideration of EUR 14.2 million. Additionally, Poly Medicure will take over a net debt of approximately EUR 2.9 million.

The company reported that the acquisition was made at an EV/revenue of about 1.8x and an EV/EBITDA basis at 13x. There are also provisions for earn-out payments based on well-defined milestones over the next four to five years.

The balance 10% stake, held by Sander Hartman, will be acquired in 2030 based on the actual EBITDA generated in the year 2029.

Financial Performance

In calendar year 2024, PendraCare Group raised close to EUR 9.9 million in revenue, with an EBITDA of EUR 1.4 million and a PBT of about EUR 800 thousand. The gross margin of the business is 74%.

Strategic Rationale

The acquisition is part of Poly Medicure's core strategy to grow in the cardiology segment. PendraCare Group is a unique asset in the interventional cardiology space, with operations in Leek, Netherlands, serving global markets with product registrations in Europe, the United States, and over 60 other countries.

PendraCare's portfolio includes interventional cardiology products, specifically guiding and diagnostic catheters, sold under its own brand and supplied to large global medical devices companies. The company has a production capacity of almost 3,800 square meters across three locations, with a capacity of close to 1.5 million units per year. Current production ranges from 700,000 to 800,000 units annually.

A new lease agreement will consolidate all three locations under one roof, enhancing operational efficiency. The facility includes approximately 1,100 square meters of cleanroom space and is approved by the FDA and ISO-certified.

Synergies

Poly Medicure expects synergies between the two businesses, combining Polymed's R&D, engineering, manufacturing, and distribution capabilities with PendraCare Group's regulatory approvals and R&D capabilities. The company anticipates generating EUR 3 million to EUR 4 million of incremental EBITDA from synergies within the next three to four years.

Market and Operational Strategy

The products are approved under MDD and MDR in Europe, as well as the FDA approval for the guiding catheter. This acquisition provides Poly Medicure with a manufacturing footprint in Europe and distribution across multiple geographies, facilitating global expansion for its cardiology business.

Poly Medicure Limited has announced the acquisition of PendraCare Group in Amsterdam, Netherlands, as approved by the Board of Directors on September 3, 2025. This acquisition aims to expand Poly Medicure's cardiology business on a global basis.