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Fidelity leads $75M investment in Trivitron; ePlanet, Headland part exit

16 November, 2012

Medical technology firm Trivitron Healthcare Private Limited has raised Rs 400 crore ($75 million) in a round led by Fidelity Growth Partners India (FGPI). The investment also provides partial exits for ePlanet Ventures and Headland Capital, who invested in Trivitron in 2007.

ePlanet and Headland Capital (earlier HSBC Private Equity Asia) invested $11 million or Rs 50 crore in Trivitron. Kotak Investment Banking was the exclusive advisor to Trivitron on the transaction. Amarchand & Mangaldas & Suresh A. Shroff & Co. acted as the company’s legal counsel.

With the new fund infusion, Trivitron aims to become a global player in the imaging and lab diagnostics segments through organic growth as well as through acquisition of companies and technologies in Europe and the US, said a statement. The funds will be used to increase Trivitron’s shareholding in Kiran Medical Systems, an international player in imaging accessories, where it acquired a minority stake earlier this year.

The company also plans to expand operations at Trivitron Medical Technology Park and enhance its distribution network in South East Asia, Middle East and Africa. Trivitron aims to close FY13 with pro-forma gross revenues in excess of Rs 700 crore through organic and inorganic routes.

Trivitron claims to be India’s largest exclusive pan India wholesale distributor and after-sales support provider of medical equipment and devices for the past fifteen years. Its areas of expertise include imaging, lab diagnostics, cardiology, critical care, renal care, operating room and ophthalmology equipment.

Trivitron has set up a number of JVs and subsidiaries for manufacturing medical equipment. These include Trivitron Medical Technology Park, a 25-acre state-of-the-art manufacturing facility in Chennai. It has JVs with Hitachi-Aloka (Japan) for manufacturing ultrasound equipment and with Biosystems (Spain) for lab diagnostics reagents are already operational. It acquired Pune-based X-ray machines manufacturer Vision Engineering in 2008.

Trivitron was promoted by medico entrepreneur Dr. G.S.K. Velu in 1997. Velu has also promoted path lab chain Metropolis Healthcare besides eye-care and diabetes-care hospitals chain Medfort. He has also co-founded a joint venture with the Apollo Hospitals Group for dental clinics (Apollo White) and dialysis centres (Apollo Dialysis).

“The medical equipment sector in the country is still nascent and dominated by imports. We believe that India will follow the same evolution trajectory as other emerging markets like China where large, indigenous manufacturers of medical equipment have emerged over the past decade. Trivitron is well positioned to capitalise on this trend with its unparalleled distribution and service infrastructure that is difficult to replicate,” said Raj Dugar, Senior Managing Director at FIL Capital Advisors (India) Private Limited.

High quality manufacturing efforts of Trivitron’s subsidiaries and joint ventures will allow Trivitron to expand its product portfolio to all segments of the market, he said.


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Fidelity leads $75M investment in Trivitron; ePlanet, Headland part exit

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