Latest news with #TPG
Mint
6 hours ago
- Business
- Mint
KKR, TPG eye Relisys Medical Devices in early-stage buyout talks
MUMBAI : Relisys Medical Devices is in early-stage discussions with global private equity firms KKR and TPG for a potential ₹1,200–1,300 crore investment, with the transaction likely to offer a full or partial exit to existing investor Siguler Guff, two people familiar with the matter told Mint. 'While TPG is evaluating the company to strengthen its portfolio, KKR is in discussions with the medical devices maker to build out its med-tech platform under which it acquired Healthium Medtech last year from Apax Funds," one of the people cited above said. TPG, too, may look at developing a med-tech platform of its own, the person added. A majority of the proceeds from the transaction, if it materialises, will likely be secondary in nature, enabling Siguler Guff to partially or fully exit. A smaller primary infusion may also be included to fund Relisys's expansion plans, said the second person. Both private equity firms are expected to seek a controlling stake in the Hyderabad-based medical devices maker. In secondary deals, existing shareholders sell their stakes to other investors and the company doesn't receive any new capital. Such shares are usually traded at a discount to primary equity. While KKR declined to comment, TPG, Siguler Guff, Healthium, and Relisys did not respond to Mint's mails sent on Sunday. Also read: Zydus bets big on vaccines and medtech In February, VCCircle had reported that o3 Capital, a mid-market investment bank, was advising Relisys in its search for potential buyers. The report also noted that existing investor Siguler Guff was exploring a full or partial exit, alongside the company's founders, in a transaction then estimated to be valued at $50–70 million ( ₹435–610 crore). Company background Founded in 1997 by technocrats and clinicians, Relisys Medical Devices manufactures cardiovascular products like drug-eluting stents, balloon catheters, diagnostic catheters, and transcatheter heart valves. It also acquired Multimedics in 2018 to expand its stent-making capabilities globally. In FY24, the company reported revenue of ₹169.4 crore, up slightly from ₹162.7 crore a year earlier. Net profit rose marginally to ₹36.3 crore, according to data from Tracxn. The bustling deal activity in the sector also underscores the growing investor appetite for med-tech companies in India. Some notable transactions include Meril Life Sciences $210 million funding from Warburg Pincus which also invested about $300 million in Appasamy Associates. SMT raised $150 million from Samara Capital while Translumina raised around $90 million from Everstone Capital. Also read: Health ministry to set up a panel to review medical device-related adverse events Sector outlook India's $12 billion med-tech market is projected to hit $50 billion by 2030, according to EY. Despite $3.8 billion in exports last fiscal, the country is still heavily import-dependent, with imports at $8.2 billion, making up 80–85% of domestic consumption. Growth is expected to be driven by rising income levels, wider insurance coverage, medical tourism, and rapid healthcare infrastructure expansion in Tier 2 and 3 cities. EY noted that global MNCs are increasingly choosing India for R&D, manufacturing, and global capability centers (GCCs)—further strengthening the ecosystem. Also read: India eyes global pharma dominance with a ₹5,000 crore revitalisation plan
Time of India
2 days ago
- Business
- Time of India
PE-VC investments in May CY2025 hit hard, down to $1.5bn
Chennai: Private equity-venture capital (PE-VC) investments in May witnessed a sharp fall. It fell 48% over April (CY2025) at $2.9 billion and plunged by $2.3 billion when compared with May last year (CY2024) at $3.8 billion. The investments as on May 30, 2025, exclude those from the real estate sector. 'Buyouts have been a key driver of the value of PE investments in recent years. Even in the first quarter of 2025, global PE firms like KKR and TPG, as well as home grown firms like Multiples PE and Everstone have executed significant such control transactions. The pace of large buyout announcements have significantly slowed down in the last couple of months - contributing to the decline in PE investment value,' Arun Natarajan, founder, Venture Intelligence told TOI. Assuming the global economic turbulence settles down, we can expect more confident bets by both Indian and international investors, he added. In May, Porter, an on-demand logistics platform, raising $200 million in a Series F round led by Kedaara Capital and Wellington Management topped the PE-VC investments. It was followed by private equity fund Norwest announcing that it has led a Rs 1,465-crore investment in the non-bank lender IKF Finance. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Dermatologista recomenda: simples truque elimina o fungo facilmente Acabe com o Fungo Undo Growth in the PE-VC investment sector was also flat during the Jan-May period of CY2025 at $13.5 billion against $13.2 billion during the corresponding period last year, data released by research firm Venture Intelligence on Friday showed. It was dominated by institutional investments in late stage companies that are more than 10 years old at $3.9 billion. Apart from global macro uncertainty, factors including shift in investors sentiment, who are being more cautious with capital deployment influenced investments, according to analysts. Ashutosh Kumar Jha- general partner at Expert Dojo, a US-based startup accelerator and VC firm said, many VC and PE funds have shifted their focus from volume to value. 'These dips aren't always bad news. Sometimes, they just mean investors are thinking harder about where to place their bets.' Noting that dominance of late-stage deals indicate that investors are doubling down on companies that have proven business models and closer to profitability or IPOs, he said, 'Growth looks flat, but this phase could be laying the groundwork for a healthier and more disciplined investment cycle in the second half of the year,' he added. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
AU Financial Review
3 days ago
- Business
- AU Financial Review
Brookfield has made private equity's life harder after Healthscope
It's hard to go past the $2.2 billion Myer float for top spot in the list of Australian private equity disasters of the 21st century. The department store chain was relisted on the ASX in 2009, three years after a consortium led by US private equity firm TPG Capital bought the Melbourne-based business. Things went sour immediately when Myer closed below its offer price on day one. In the following years the share price has never traded above the IPO mark. This was particularly galling for investors because TPG had no skin in the game after pocketing an estimated $1.5 billion from the float. For its part, TPG then became the subject of a major tax avoidance controversy. When the Australian Taxation Office took court action to freeze TPG's bank accounts, claiming that substantial capital gains tax was owed, it found that all but $45 of the Myer sale proceeds had been transferred to offshore tax havens in Luxembourg and the Cayman Islands.
Reuters
5 days ago
- Business
- Reuters
Implant maker Exactech may conclude bankruptcy without TPG settlement
May 28 (Reuters) - Attorneys for medical implant maker Exactech said at a Wednesday bankruptcy court hearing in Delaware that it is walking away from recent efforts to protect its owner TPG from lawsuits alleging that Exactech's knee implants were defective. Exactech had planned to ask U.S. bankruptcy Judge Laurie Selber Silverstein in Wilmington to confirm a bankruptcy plan this week that would have stopped lawsuits against TPG in exchange for a contribution of about $10 million. But creditors' resistance to that strategy pushed the company to change course and re-start talks on a different plan that will not resolve TPG's liability for allegedly defective medical devices sold by Exactech, Exactech attorney Ryan Dahl said at Wednesday's hearing. Exactech filed for bankruptcy in October, seeking to sell its assets and resolve about 2,600 lawsuits over recalled knee, hip and shoulder implants. Many of the lawsuits alleged that a packaging defect had caused oxidation in some devices, shortening their lifespan and requiring patients to undergo "revision surgeries" to address flawed or failing implants. Exactech has not yet reached a new agreement with creditors, including people who sued the company over the implants, but Exactech expects to have a new plan ready for court approval by late June, Dahl told Silverstein. Eric Goodman, an attorney who represents creditors, said that the new plan would preserve legal claims against TPG for future litigation, which had been a "lightning rod issue" in Exactech's bankruptcy. Silverstein agreed to adjourn Exactech's confirmation hearing to allow the talks to proceed. TPG's attorney, Mark Premo-Hopkins, said his client was 'disappointed' with the delay and that its proposed settlement was reasonable. TPG, which acquired Exactech in 2018, has previously defeated claims that it was responsible for Exactech's allegedly defective products, he said. "TPG stands ready to defend itself in any forum, confident that they will succeed again," Premo-Hopkins said at the hearing. Recent court decisions have made it more difficult for wealthy corporate owners to resolve lawsuits by placing a company they own into bankruptcy without declaring bankruptcy themselves. The U.S. Supreme Court last year rejected a Purdue Pharma bankruptcy plan that would have shielded its Sackler family owners from opioid lawsuits, and Johnson & Johnson failed three times in its effort to use a corporate subsidiary to resolve lawsuits over its talc products. Gainesville, Florida-based Exactech entered bankruptcy with $352 million in debt, saying litigation expenses threatened to derail an otherwise-strong business selling shoulder, hip, knee and ankle implants, as well as surgical imaging devices. Most of Exactech's legal troubles stemmed from a 2021 recall of implant devices due to 'non-conforming packaging' which did not fully protect the devices from exposure to oxygen. The recall spurred a flood of lawsuits, most of which were centralized in a Brooklyn, New York federal court proceeding. The case is In re: Exactech Inc., U.S. Bankruptcy Court for the District of Delaware, No. 24-12441 For Exactech: Ryan Dahl and Benjamin Rhode of Ropes & Gray For the creditors committee: Eric Goodman, David Molton, Cameron Moxley of Brown Rudnick For TPG: Mark Premo-Hopkins of Kirkland & Ellis Read more: Medical implant maker Exactech files for bankruptcy after recall litigation Exactech orthopedic implant lawsuits sent to federal judge in Brooklyn
Business Wire
5 days ago
- Business
- Business Wire
Star Power Meets Private Capital: Serena Williams, Bono and Nico Rosberg Join Line-Up for SuperReturn International in Berlin, June 2-6
BERLIN--(BUSINESS WIRE)--With just days to go, the final agenda for SuperReturn International 2025 has been unveiled, and this year's speaker lineup promises to be the most compelling yet. Serena Williams, Bono and Nico Rosberg are set to address SuperReturn International - the world's largest gathering for private capital professionals - taking place in Berlin, June 2-6. From Serena Williams, Grand Slam tennis champion turned investor and entrepreneur, to Bono, musician, activist and co-founder of TPG's The Rise Fund, and former F1 World Champion Nico Rosberg, a sustainability-focused VC investor, the event will feature some of the most recognisable and respected names in and beyond finance. Each of the 500+ speakers will offer their unique perspective on leadership, investing, innovation and impact in today's fast-changing private markets landscape. They join over 5,500 private capital decision-makers, including 2,700+ GPs and 1,800+ LPs with $50 trillion in assets under management from 70+ countries. Attendees will gather in Berlin for five days of debate, networking and insight from 2 nd to 6 th June. The event will feature 500+ speakers, including managing partners from the world's top-performing GPs, leading institutional investors and senior executives from private equity, private credit, secondaries, infrastructure and venture capital firms. Dorothy Kelso, Managing Director of SuperReturn, said: 'SuperReturn International is where private capital's most influential minds come together – and this year's line-up speaks volumes about the reach and relevance of our community. From Serena Williams sharing her journey as an investor and entrepreneur, to Nico Rosberg's insight on sustainable innovation, and Bono's unique perspective on impact and capital, we're bringing fresh energy to Berlin alongside industry heavyweights shaping the future of private markets. With the full agenda now live, we can't wait to welcome delegates for a week of sharp thinking, meaningful conversations and real connections.' The agenda will include topics including technology and AI adoption, the geopolitical and macroeconomic landscape, private wealth, climate transition, private credit, secondaries, and much more. In addition to the main agenda, SuperReturn International will be hosting SuperReturn Climate and Energy Transition on Monday 2 nd June to Wednesday 4 th June, as well as two days of eight co-located specialist summits on 2-3 June for those looking to delve deeper and connect with GPs and LPs with the same interests. The summits will be dedicated to private debt, secondaries, sports investing, women in private markets, private wealth, ESG, German private equity, and technology value creation in private equity. To view the full schedule of speakers and events, and to register to attend, please visit: Sponsors of this year's event include Investcorp, UBS, Deloitte, Goodwin, Bain & Company, Barings and ZCG. About SuperReturn International SuperReturn International is the world's largest private equity and venture capital event, and part of the SuperReturn series of leading private equity events that take place across the world. This five-day conference will bring together thousands of private equity and venture capital professionals, including 1,800+ Limited Partners (LPs), 2,700+ General Partners (GPs) and 550+ expert speakers from 70+ countries, to network and discuss current trends and opportunities within the private equity industry.
