Poly Medicure Limited (Polymed), India’s leading medical technology company, has announced that it will acquire the Netherlands-based PendraCare Group for an upfront payment of about €14.2 million. The deal includes repayment of inter-group loans and the assumption of some external debt.
PendraCare is a specialist in interventional cardiology products. The company makes and sells guiding and diagnostic catheters, which are critical devices used in heart procedures. It operates from Leek, Netherlands, and its products are registered in more than 60 countries, including the European Union, the United States, and China.
Poly Medicure will buy 90% of the group initially, with the remaining 10% to be acquired in 2030 based on future financial performance. The current CEO of PendraCare, Sander Hartman, will continue to lead the business after the acquisition. The founder, Floris Alkemade, who held 80% stake, is also part of the deal.
Financially, PendraCare recorded revenue of €9.9 million in 2024, with an EBITDA of €1.4 million and profit before tax of about €0.8 million. The company produces around 700,000 to 800,000 units each year but has a capacity of over 1.5 million units, leaving room for growth without major new investment.
For Poly Medicure, this acquisition strengthens its position in cardiology, one of its key focus areas along with oncology, critical care, renal care, and other medical specialities. The company already has a global presence with 12 manufacturing plants across India, Italy, Egypt, and China, and exports to more than 125 countries.
Management expects the deal to generate significant synergies in manufacturing, procurement, and distribution. Over the next three to four years, the combined business is projected to deliver an additional €3-4 million in annual EBITDA, giving Poly Medicure a strong platform for global expansion in cardiology.
