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Warburg Pincus to back Meril

Warburg Pincus has agreed to invest $210 million in Micro Life Sciences Private Limited, the parent organization of Meril group of companies.

Warburg Pincus has agreed to invest $210 million in Micro Life Sciences Private Limited, the parent organization of Meril group of companies. Based in India, Meril is a medical device company.

PRESS RELEASE

Mumbai, February 22, 2022: Warburg Pincus, a leading global growth investor through its affiliate South Elm Investments B. V., has signed a definitive agreement to invest ~US$ 210 million for a minority stake in Micro Life Sciences Private Limited, parent organization of Meril group of companies, India’s largest medical devices company. The transaction is awaiting CCI approval.

Founded by the Bilakhia family, Meril is a fast-growing medical devices company that designs, manufactures and distributes clinically relevant and state-of-the-art medical devices. With robust R&D facilities, world-class manufacturing capability, deep distribution reach and commitment to invest in educational and training programs via Meril Academy, Meril has attained a leading market position in India across several categories and has introduced innovative products globally.

Further, Meril is making significant strides in capturing the global opportunity in both established product categories and market-defining innovations, led by its innovative products, continued commitment to deliver strong clinical outcomes, and high credibility amongst stake holders.

Narendra Ostawal, Managing Director, Warburg Pincus India, said: “We are delighted to partner with Meril in their quest to build an innovation-led provider of medical products and solutions that are developed and made in India to serve the global market. We are excited by Meril’s compelling growth story and believe the company stands to benefit from the secular tailwinds of healthcare in India, realizing the potential of a strong pipeline of market-defining products and expansion into global markets.”

Sanjeev Bhatt, Sr. Vice President Corporate Strategy Meril said: “We are excited to partner with Warburg Pincus which has a rich history of working with several successful medical device companies globally. The current investment establishes high degree of credibility to Indian medical devices in global landscape and will help us in deepening our international presence, attracting global talent, and scaling up our clinical research efforts in order to achieve our vision of improving the quality of human life through advanced healthcare solutions.”

About Meril
Meril is an India-based global MedTech platform that is dedicated to the innovation, design and development of novel, clinically relevant and state-of-the-art devices. Meril offers a diversified product portfolio with over 100 technologies in 5 therapy areas – cardiovascular including structural heart devices, orthopedic implants, endo-surgery, surgical robotics & in-vitro diagnostics. The company currently has approximately 4000 employees and has business in over 100 countries. For more information, please visit https://www.merillife.com/

About Warburg Pincus
Warburg Pincus is a leading global growth investor. The firm has more than $73 billion in private equity assets under management. The firm’s active portfolio of more than 235 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 20 private equity funds and 2 real estate funds, which have invested more than $100 billion in over 1000 companies in more than 40 countries. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information please visit www.warburgpincus.com