Schedule a Call Back
Temasek in talks to buy Rs 9 billion stake in medical equipment firm Tynor
Industry News- Jul 03,24
The person further said that Temasek has bid for an up to 30-35% stake in the company for $100-120 million.
Temasek, the private equity (PE) arm of the Singapore government, is the front runner to acquire significant minority stake in Tynor Orthotics, a Mohali, Punjab-based medical equipment maker, according to three people with knowledge of the development.
The manufacturer and exporter of orthopaedic and fracture aids, which is backed by consumer-focused PE firm Lighthouse Funds, is being valued at Rs 30 billion, three people with knowledge of the development said.
“The final bids have come in and Temasek is the front runner," the first person cited above said on condition of anonymity, adding that the other bidders who made it to the final round include global PE firms Warburg Pincus and Norwest Venture Partners.
The person further said that Temasek has bid for an up to 30-35% stake in the company for $100-120 million.
The new funding is largely a secondary round with Lighthouse looking to sell its stake five years after it invested in the company. In 2018, Tynor had raised Rs 1.43 billion from Lighthouse Funds and Thuasne Participations, a French manufacturer of wearable medical devices.
“A small portion of the fund raise will go towards primary capital to fund the company’s expansion plans into newer geographies outside of India," the second person cited above said, also requesting anonymity.
The company has been reportedly looking to invest Rs 8 billion for its expansion into international markets.
Tynor, which competes with brands such as Flamingo and Visco, has a 30% market share in its category and is the fastest growing player, the third person cited above said, making it an ideal candidate for investment by PE funds.
“The category is likely to see steady growth in India as well as overseas. The funds are betting big on it," the third person added.
A Temasek spokesperson declined to comment when contacted.
Emailed queries to the company's founder Dr Pushvinder Jit Singh, and spokespersons of Warburg Pincus, Temasek and Norwest Venture Partners remained unanswered till press time.
Founded in 1993, Tynor had revenues of more than Rs 5 billion in FY24, according to data from Tracxn, and sells to more than 60 countries.
It has a product portfolio of more than 150 items including body braces, supports, fracture and walking aids, traction kits, advanced knee braces, finger splints, silicone and foot care, and cervical aids, among others.
“The company plans to set up a new manufacturing plant to grow its mobility portfolio," the third person cited above said. Today, the business is run by the second generation of the Singh family.
The medical equipment and devices industry in India is expected to grow at more than 10% over the next five to six years, various industry estimates show. The market, which is largely unorganised, is expected to be a $20-billion category by 2030, these estimates show.
(Source: Mint)
Dr Pushvinder Jit Singh
Pharma
Medical eqipment
medical equipment manufacturing
Temasek
Singapore
Visco
Tynor Orthotics
Lighthouse Funds and Thuasne Participations
Tynor
Related Stories
Process Equipment
USFDA issues warning letter to Sun Pharma over manufacturing at Dadra facility
The warning letter summarises significant violations of Current Good Manufacturing Practice (CGMP) regulations for finished pharmaceuticals at the facility.
Read moreProcess Equipment
Temasek in talks to buy Rs 9 billion stake in medical equipment firm Tynor
The person further said that Temasek has bid for an up to 30-35% stake in the company for $100-120 million.
Read moreProcess Equipment
60 pharma firms enrol under Centre’s scheme to upgrade manufacturing facilities
The scheme gives preference to micro, small and medium enterprises (MSMEs), supporting smaller players achieve high standards.
Read moreRelated Products
Programmable Controllers - Pcd-33a Series
CHEMICAL PROCESS, FOOD/PHARMA EQUIPMENT & ANALYTICAL INSTRUMENTS
Pro-Med Instruments (P) Ltd offers a wide range of programmable controllers - PCD-33A Series.
Gasket Graphite Powder
CHEMICAL PROCESS, FOOD/PHARMA EQUIPMENT & ANALYTICAL INSTRUMENTS
Arihant Packing & Gasket Company offers a wide range of gasket graphite powder.
Asahi Kasei expands 3D printing filament sales in North America
CHEMICAL PROCESS, FOOD/PHARMA EQUIPMENT & ANALYTICAL INSTRUMENTS
Asahi Kasei, a leading resin and compounding technology provider, has initiated the sales of 3D printing (3DP) filaments in North America through Asahi Kasei Plastics North America (APNA). The soft la Read more
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
