Warburg Pincus to invest $210 million in medical device company Meril

Warburg Pincus has agreed to invest $210 million for a significant minority stake in Micro Life Sciences Private Limited, parent organization of the Meril group of companies, India’s largest medical device company, the two companies said in a statement.

The US private equity firm will acquire the shares through Warburg Pincus, through its Dutch subsidiary South Elm Investments BV, and the transaction is awaiting ICC approval, the companies said.

Although the two companies did not disclose details of the deal, industry sources said the deal would value Meril at $1.8 billion.

The funds would be used to further develop the business.

Founded by the Bilakhia family, Meril is a fast-growing medical device company that designs, manufactures and distributes clinically relevant and state-of-the-art medical devices.

“We are delighted to partner with Meril in its quest to create an innovative provider of medical products and solutions developed and manufactured in India to serve the global market. We are excited by Meril’s compelling growth story and believe the company will benefit from India’s secular healthcare tailwinds, realizing the potential for a strong market-defining product portfolio and expansion into the global markets,” said Narendra Ostawal, Managing Director, Warburg Pincus India.

Founded in 2006 in Vapi, Gujarat, Meril is an India-based global MedTech platform dedicated to the innovation, design and development of innovative, clinically relevant and state-of-the-art devices. Meril offers a diverse product portfolio with over 100 technologies in 5 therapeutic areas – cardiovascular, including structural heart devices, orthopedic implants, endosurgery, surgical robotics and in vitro diagnostics. The company currently has around 4,000 employees and does business in more than 100 countries.

“We are delighted to partner with Warburg Pincus, which has a rich history of working with several successful medical device companies around the world. The current investment establishes a high degree of credibility for Indian medical devices in the global landscape and will help us deepen our international presence, attract global talent and intensify our clinical research efforts to achieve our vision of improving the quality of human life. through advanced healthcare solutions,” said Sanjeev Bhatt, Senior Vice President of Meril Corporate Strategy.

Laura J. Boyer