TPG Growth, an arm of private equity fund TPG, today said it has invested Rs 145 crore in Bangalore-based medical consummables company Sutures India for a significant minority stake.
The investment from TPG Growth, the mid-market and growth equity platform of global investment firm TPG, will help the company expand product portfolio and also support its inorganic growth initiatives, a company statement said.
Incorporated in 1992, Sutures manufactures, markets and exports surgical sutures, meshes, tapes and gloves, it added.
Giving the rationale for the investment, TPG Growth's country head Vishwarupe Narain said healthcare presents an untapped opportunity with only nine hospital beds for 10,000 people and hence, the medical devices category, which has market size of roughly $3 billion, will also grow.
"We believe that Sutures India is well positioned to take advantage of the macro drivers," he added.
Company chairman L G Chandrasekhar said Sutures is the market leader in its category and exports to over 50 markets at present.
TPG Growth is focussed on the healthcare, financial services, industrials and manufacturing, and consumer and retail sectors in the country and has made 14 investments in the healthcare and pharma space in North America and Asia, the statement added.
