Poly Medicure Ltd, India’s leading medical devices manufacturer, has signed a definitive agreement to acquire a 100% stake in Medistream SA, the holding company of Citieffe SRL and its subsidiaries in the United States and Mexico, for an enterprise value of ₹324 crore (EUR 31 million).
Citieffe, headquartered in Italy, specializes in orthopaedic trauma and extremities—the fastest-growing and most resilient segment within the orthopaedics market. The company has a direct presence in Italy, the US, and Mexico, with products distributed in over 25 countries. In calendar year 2024, Citieffe recorded EUR 17.3 million in revenue and EUR 3.1 million in EBITDA, reflecting 15% and 14% year-over-year growth, respectively.
This acquisition provides Poly Medicure (Polymed) with a strong foundation to enter and scale in the global orthopaedics space, leveraging Citieffe’s established product portfolio, international market reach, and in-house R&D capabilities. The acquisition provides a strategic entry into the high-growth global orthopaedic trauma and extremities market, with potential to expand into adjacent orthopaedic segments. This move positions the company to capitalize on increasing demand for innovative fracture management solutions worldwide.
Citieffe brings a robust product portfolio, holding 45 patents and carrying full EU MDR certification and FDA approvals. Its offerings cover a wide range of fracture pathologies, providing advanced solutions that strengthen the acquirer’s capabilities in orthopaedic care.
The company has a strong international presence, with notable positions in key markets. In Italy, Citieffe is the second-largest independent player with over 12% market share. In Mexico, it is among the leading players with a growing footprint, while in the United States, it continues to expand in the world’s largest orthopaedic market.
Citieffe’s integrated operations, spanning R&D, manufacturing, sales, and distribution, enable rapid innovation and quick go-to-market execution. This foundation, combined with favorable product pricing and higher margins in the US market, offers significant growth potential.
The acquisition also presents operational synergies, including the opportunity to integrate Citieffe’s product line into Polymed’s global manufacturing and distribution network. This includes the potential introduction of Citieffe in India, leveraging local production for cost advantages and faster market access.
The acquisition target is Medistream SA, parent company of Citieffe SRL and its subsidiaries in the US and Mexico. The deal involves an equity value of approximately EUR 18.8 million, repayment of EUR 4.2 million in shareholder loans, and assumption of EUR 8.1 million in net external debt, bringing the total upfront payout to EUR 23 million. The transaction reflects an EV/EBITDA multiple of 10.2x, based on FY24 performance.
Leadership continuity is ensured, with Pascal Govi continuing as CEO of Citieffe post-transaction. The deal is expected to close within 4–8 weeks, subject to customary conditions and approvals. Himanshu Baid, Managing Director, Poly Medicure “This acquisition aligns perfectly with our strategy to become a comprehensive provider of healthcare solutions. Citieffe brings deep innovation in trauma and extremities, complementing our existing portfolio. The synergy between Citieffe’s R&D and Polymed’s manufacturing and global sales capabilities will allow us to expand access to advanced orthopaedic solutions worldwide.”
Pascal Govi, CEO, Citieffe “We’re excited to begin this new chapter with Polymed. The cultural alignment and shared vision make this a natural fit. With Polymed’s support, Citieffe is well-positioned to expand its global footprint and accelerate product innovation.” Benoit Varichon, Partner at ARCHIMED (exiting shareholder) “We’re proud of what Citieffe has accomplished. The team built a solid foundation with a strong product pipeline and international presence. Polymed is the ideal partner to take this legacy forward.”
Poly Medicure Ltd is India’s top exporter of medical devices, with a global footprint spanning 125+ countries. The company offers 200+ products across 12 therapeutic areas, supported by 330+ patents and 12 state-of-the-art manufacturing facilities in India, China, Egypt, and the US. Its capabilities include infusion therapy, dialysis, critical care, diagnostics, oncology, and now, orthopaedics.
Founded in 1962, Citieffe is a fully integrated manufacturer of orthopaedic trauma and extremities fixation systems. With strong market positions in Italy, Mexico, and a growing presence in the United States, the company delivers MDR-accredited, patented solutions for a wide range of trauma applications. Citieffe’s agile, innovation-led model allows for rapid product development and international scale
