Healthium buys CareNow in third acquisition this year

Apax Partners owned Healthium Medtech, formerly known as Sutures India, on Wednesday said it has acquired CareNow Medical. 

The acquisition will help the company strengthen its product portfolio in its advanced wound management and infection prevention segments, said Anish Bafna, CEO and managing director, Healthium, in a statement. 

However, it did not disclose the value of the deal. 

The acquisition, its third such deal so far this year, will also help boost Healthium’s manufacturing and research and development capabilities. 

CareNow has a manufacturing facility in Coimbatore and with it Healthium will have eight manufacturing facilities. 

CareNow is a manufacturer and supplier of medical devices focused on advanced wound management and infection prevention for patients and hospitals. 

Its advanced wound dressing products has patents across the US, Europe and India. 

CareNow is the third acquisition by Healthium this year. 

Last month, Healthium acquired Mumbai-based Shri SGK Labs' gelatin sponge brand AbGel. Earlier in July, Healthium said it has purchased VitalCare Group, a UK based manufacturer of urology consumable care products.

In an interaction with VCCircle last year, Bafna had said that Healthium was looking to expand through tie-ups with companies inclined towards research and development.   

Apax Partners had acquired a controlling stake in Healthium in 2018 from existing shareholders including TPG Growth, CX Partners and founding shareholders. 

The company's product portfolio covers surgical consumables, urology and arthroscopy products. 

In July, Moneycontrol had reported that Healthium is preparing to launch an initial public offering (IPO) this year.