INDIA –Warburg Pincus has agreed to invest US$210 million for a significant minority stake in Micro Life Sciences Private Limited, the parent company of the Meril group of companies, India’s largest medical device company, according to a statement from both companies.
The US private equity firm will be acquiring the shares through Warburg Pincus, through its Dutch affiliate South Elm Investments (SEI), and the transaction is awaiting Competition Commission of India (CCI) approval, the companies said.
SEI is a Dutch investment holding company whose shareholders include several private equity funds managed by Warburg Pincus LLC.
Although neither company disclosed transaction details, industry sources estimate Meril’s value at US$1.8 billion.
Meril, founded by the Bilakhia family, is a fast-growing medical device company that designs, manufactures, and distributes clinically relevant and cutting-edge medical devices, according to a statement from Warburg Pincus.
The funds would be used to expand the business.
We are delighted to partner with Meril in their quest to build an innovation-led provider of medical products and solutions that are developed and made in India to serve the global market.”
Micro Life Sciences was founded in 2006 in Vapi, Gujarat, as a subsidiary of Bilakhia Holdings Pvt. Ltd. and its promoters, which is part of the Bilakhia Group, which operates in a variety of industries, including education, life sciences, and medical technology.
Meril is a global MedTech platform based in India dedicated to the innovation, design, and development of novel, clinically relevant, and cutting-edge devices.
Meril has a diverse product portfolio with over 100 technologies in 5 therapy areas – cardiovascular, orthopedic implants, endo-surgery, surgical robotics, and in-vitro diagnostics.
The company currently employs approximately 4000 people and operates in over 100 countries. In addition, the group offers R&D facilities, manufacturing, distribution, and a commitment to invest in educational and training programs through Meril Academy.
Micro Life Sciences has also engaged in the B2C (business-to-consumer) sale of certain specialized medical devices (such as surgical robots and ultrasonic energy devices) to hospitals through its subsidiaries, and has research and development (R&D) facilities for in-vitro diagnostic, orthopedic, endo-surgery, and cardiovascular solutions.
Warburg Pincus was founded in 1966 and has raised 20 private equity funds and two real estate funds, which have invested more than $100 billion in over 1000 companies in over 40 countries.
The firm’s headquarters are in New York, with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, So Paulo, Shanghai, and Singapore.
It managed over US$73 billion in private equity assets under management (AUM) as of December 31, 2021, with an active portfolio of over 235 companies spanning sectors, stages, and geographies.
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