Kedaara Capital Leads Bid for Majority Stake in Tynor Orthotics
Kedaara Capital is the front-runner to acquire a majority stake in Tynor Orthotics for ₹3,500-4,000 crore. This deal allows existing investor Lighthouse Funds to exit and will fuel Tynor's expansion plans, boosting India's medical devices sector.
Key Highlights
- Kedaara Capital is front-runner for Tynor Orthotics majority stake.
- Deal valued between ₹3,500-4,000 crore for Mohali-based firm.
- Lighthouse Funds and promoters to divest about 60% holding.
- Transaction largely secondary, with funds for Tynor's growth.
- Tynor Orthotics had FY24 revenue of ₹495.5 crore.
Private equity firm Kedaara Capital has emerged as the leading contender to acquire a majority stake in Tynor Orthotics, a Mohali-based manufacturer of fracture aids and body braces. The proposed transaction values Tynor Orthotics between ₹3,500 crore and ₹4,000 crore. This significant deal will see existing investor Lighthouse Funds, along with the promoters, offload approximately 60% of their total holding, marking an exit for Lighthouse from its seven-year-old investment in the company. The acquisition is primarily a secondary transaction, meaning funds will largely go to the selling shareholders, though a small primary component is anticipated to support Tynor's future expansion initiatives.
Tynor Orthotics, established in 1993, boasts a comprehensive product portfolio of over 150 items, including various orthopaedic and mobility aids. The company has a strong market presence, exporting its products to more than 60 countries. In the fiscal year 2024, Tynor reported revenues of ₹495.5 crore, with projected revenues of ₹600 crore for FY26. This acquisition highlights the growing investor interest in India's fast-expanding medical devices sector, which is driven by factors such as increasing insurance penetration, improved affordability, and a widening patient base. The sector is projected to grow at a compound annual growth rate (CAGR) of 16.4% to reach $50 billion over the next five years. Kedaara Capital, a prominent Indian private equity firm, focuses on growth-oriented investments, making this a strategic move within the robust Indian healthcare market.