Chennai-based medical equipment manufacturer Trivitron Healthcare Pvt Ltd has acquired the remaining stake to complete the purchase of Mumbai-based imaging accessories and radiation protection apparel maker Kiran Medical System and also bought Imaging Products India (IPI).
The exact timing of the transactions and the deal values were not made public but the firm had made the disclosure on the twin transactions as part of its corporate newsletter at the beginning of this year; so the deal would have been completed in late 2013 or early 2014.
The firm did not make a public statement on the deals but its site says the transactions were completed recently.
Incorporated in 1976, Mumbai-based Kiran Medical is the manufacturer and supplier of image enhancement accessories and radiation protection products. The company develops a wide range of products such as cassettes, screens, grids, shields and computer radiography systems, and exports to 160 countries. It also provides accessories to some of the leading imaging product manufacturers like Fuji, Agfa and Kodak. Kiran operates a 70,000 sq ft manufacturing facility in Mumbai.
Trivitron had initially picked 26 per cent stake in the company in 2011 and later increased it to 51 per cent before completely buying the company.
Besides this, Trivitron also acquired Imaging Products India (IPI), a manufacturer and marketer of contrast products in association with global leaders Bracco Spa of Italy, which will help Trivitron strengthen its hold in the South Asian market for radiology.
Private equity firm India Value Fund Advisors (IVFA) had invested Rs 150 crore for a minority stake in Trivitron last year.
In 2012, Trivitron acquired Finland-based Ani Labsystems Ltd and its group companies for $22.2 million.
Trivitron, which was started by GSK Velu in 1997, has eight manufacturing facilities in the country and manufactures products like ultrasound equipment, analog and digital X-Ray, ECG machines and patient monitors.
(Edited by Joby Puthuparampil Johnson)