Poly Medicure acquires Italy’s Citieffe Group for Rs. 324 Cr

Poly Medicure Ltd., India's leading Medical Device company, announced signing of definitive agreement to acquire 100% stake in Medistream SA (Group) consisting of Citieffe SRL and its step-down subsidiaries in USA & Mexico, at an enterprise value of Rs. 324 crore. 

Citieffe is an Italy based manufacturer specializing in the orthopaedic trauma and extremities segment with a direct presence in Italy, USA, and Mexico, and distribution across 25+ countries.

This strategic acquisition provides Poly Medicure with an entry point into the large global orthopaedics market, particularly in the trauma and extremities segment, which is the fastest growing and most resilient category within orthopaedics.

Commenting on the acquisition, Himanshu Baid, Managing Director, Poly Medicure Limited stated: "This acquisition marks another step in our journey to become a comprehensive healthcare solutions provider. Citieffe's strong R&D capabilities and diverse trauma & extremity portfolio aligns with our mission to deliver innovative, patient-centric technologies. Together, we will be able to accelerate the expansion into orthopaedics adjacencies and expand reach to more patients globally. Citieffe has direct sales operations in the U.S., Italy, and Mexico providing us a deeper foothold in these key markets. We see synergies in combining Citieffe's innovation pipeline with Polymed's manufacturing scale and commercial reach-this is about creating long-term value for healthcare providers, patients, and our stakeholders"

Commenting on the acquisition, Pascal Govi, CEO, Citieffe stated "It has been a pleasure to work with ARCHIMED, who always acted as a responsible shareholder, notably during Covid times. Their commitment to invest in a stronger organization, international development and innovation was key to reinforce the strategic positioning of Citieffe. The company was well prepared for attracting a leading Medtech company such as Polymed. I'm enthusiastic to start a new venture with a group sharing a common culture and vision."

Commenting on the acquisition, Benoit Varichon, Partner at ARCHIMED stated "We would like to thank CEO Govi and his team for their trust and outstanding achievement. Over the years, Citieffe has built solid and long-term growth foundations with an innovative and MDR-accredited product portfolio as well as a strong international footprint notably in the US. We are proud to see Citieffe joining a leading Medtech Group to pursue its growth trajectory."