The deal will provide an exit to investor Lighthouse Funds in the Mohali-based maker of orthopaedic supports, mobility aids and rehabilitation products, according to a statement issued by Kedaara. It, however, did not disclose further details of the transaction.
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ET BureauPE firm buys majority stake in maker of ortho support wear; focus on widening local & global presence, boosting manufacturing
A person familiar with the matter said the PE firm has bought a 51% stake in Tynor.
Founded in 1993, Tynor manufactures orthopaedic support, mobility aid, rehabilitation and sports performance products.
It has a distribution network covering more than 300,000 retail outlets and 8,000 hospitals in 60 nations.
Tynor operates three manufacturing units in India, with a focus on lean manufacturing and globally compliant production capabilities, according to the company’s website. Kedaara will partner with Tynor’s promoters Dr PJ Singh and AJ Singh, its professional management team, and French orthopaedic company Thuasne, which has been Tynor’s strategic partner in the business since 2010.
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Aim to be ‘Leader of Global South’
The renewed alliance will focus on expanding Tynor’s presence in India and overseas, strengthening manufacturing capabilities and building a broader orthopaedic and wellness platform, it said.
In 2018, Lighthouse Funds and Thuasne Participations invested Rs 143 crore in total in Tynor. Thuasne, a French healthcare group specialising in orthopaedics and medical compression, had initially invested in Tynor in 2010, for a minority stake.
“India’s medical devices sector is among the fastest-growing globally and that Tynor represents a rare opportunity to partner with a category leader in orthopaedic supports and rehabilitation,” said Sunish Sharma, founder and managing partner, Kedaara Capital.
Dr PJ Singh and AJ Singh said Tynor’s big aspiration “to become the leader of ‘global south’ and an indispensable supply chain partner for ‘global north’ shall now be achieved by having Kedaara as a partner.” O3 Capital acted as the exclusive financial advisor to Tynor on the transaction.