Poly Medicure Limited , a prominent player in the medical devices industry, has announced the completion of a significant acquisition through its wholly-owned subsidiary, Poly Medicure B.V. Amsterdam, Netherlands. The company has successfully acquired full ownership of Medistream SA, a Swiss corporation, along with its subsidiaries, collectively known as the Citieffe Group.

Acquisition Details

The acquisition, which was initially disclosed on September 24, 2025, has now been finalized as of November 6, 2025. This strategic move gives Poly Medicure 100% economic and voting rights in the Citieffe Group, marking a significant expansion of its global footprint.

Citieffe Group: New Step-down Subsidiaries

As a result of this acquisition, Poly Medicure has added several new step-down subsidiaries to its corporate structure:

Regulatory Compliance

The company has affirmed that all closing conditions stipulated in the Share Purchase Agreement (SPA) have been fulfilled. This transaction complies with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and adheres to the SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.

Strategic Implications

This acquisition represents a significant step for Poly Medicure in expanding its international presence. By gaining full control of the Citieffe Group, the company has potentially enhanced its product portfolio, market reach, and technological capabilities in the medical devices sector.

While specific financial details of the transaction were not disclosed in the available information, this move is likely to strengthen Poly Medicure's position in the global medical devices market, particularly in Europe and the Americas, given the locations of the newly acquired subsidiaries.

As the medical devices industry continues to evolve, such strategic acquisitions may play a crucial role in companies' growth strategies and their ability to compete on a global scale.

Poly Medicure Limited , a leading medical device manufacturer, has announced the acquisition of Citieffe Group, an Italian trauma and extremity orthopedic products manufacturer, for an enterprise value of €31 million. This strategic move marks Poly Medicure's entry into the lucrative orthopedic space, specifically targeting the €12 billion trauma and extremity segment.

Transaction Details

The acquisition includes:

• Equity valuation: €18.80 million
• Repayment of shareholder loan: €4.20 million
• Assumption of debt: €8.00 million

Poly Medicure will acquire 100% of Citieffe Group through its subsidiary, Poly Medicure B.V., from the selling shareholders of MediStream, a Swiss corporation.

About Citieffe Group

• Established: 1962
• Location: Bologna, Italy
• Specialization: Trauma and extremity orthopedic products
• Revenue (2024): €17.30 million
• Year-on-year growth: 15%
• EBITDA: €3.10 million
• Capacity utilization: 60%
• Gross margins: Exceeding 90%

Strategic Rationale and Synergies

Rahul Gautam, President of Strategy and Corporate Development at Poly Medicure, highlighted several key reasons for the acquisition:

1. Market Entry: Access to the fast-growing orthopedic market, particularly the trauma and extremity segment.
2. Differentiated Portfolio: Citieffe's products are fully MDR certified in Europe and have approvals in key markets, including the US.
3. Strong Market Position: 12% market share in both Italy and Mexico.
4. Integrated Business Model: Control over the entire value chain from R&D to distribution.
5. Growth Potential: Aim to double Citieffe's business in the next five years with Poly Medicure's support.

Synergy Opportunities

• Product Portfolio Expansion: Introducing plates to complement Citieffe's existing product range.
• US Market Expansion: Leveraging Citieffe's direct sales presence.
• Manufacturing Optimization: Potential outsourcing of some processes to India for cost competitiveness.
• Distribution Network Expansion: Utilizing Poly Medicure's global network to enter new markets.

Management Continuity

The existing management team, led by CEO Pascal Govi, will continue to operate the business. Poly Medicure has implemented a performance-linked incentive structure for the key managerial team over the next five years.

Financial Implications

• Gross margins: Over 90%
• EBITDA margin: Approximately 18%
• Current net asset value: About €16.50 million
• Total investment (including debt): Around €30.00 million

Future Outlook

Poly Medicure plans to leverage Citieffe's R&D capabilities to develop 3-5 new products annually. The orthopedic space, particularly the trauma and extremity segment, is projected to grow from €12 billion to €16 billion in the coming years.

Himanshu Baid, Managing Director of Poly Medicure, expressed enthusiasm about the acquisition, stating that it aligns with the company's strategy to expand into high-technology segments and key markets in Europe and the US.