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ARCHIMED MedTech sells orthopedic implants maker Citieffe to Poly Medicure, a leading global manufacturer of medical devices
November
21,
2025
Citieffe was the last investment in ARCHIMED’s MED I fund, now fully liquidated after generating 7.2 times investors’ money, or a 59 percent annual return over 11 years – the best performance of any 2014-vintage buyout fund.
ARCHIMED MedTech – the MedTech team of Global private equity healthcare specialist ARCHIMED – has closed the sale of orthopedic implants maker Medistream SA (doing business as Citieffe) to Poly Medicure Ltd, (Scrip Code: POLYMED), listed on the National Stock Exchange of India and the BSE (formerly Bombay Stock Exchange).
Founded in Bologna, Italy in 1962 and combining innovative technology and high-quality production, Citieffe develops, manufactures and distributes medical devices for the treatment of internal and external fractures, and for limb reconstruction. Its portfolio includes advanced solutions used in the management of trauma, complex injuries and related complications.
Founded in 1995 and based in New Delhi, India, Poly Medicure is a leading medical device manufacturer and exporter, with more than 330 patents and a portfolio of more than 200 medical devices sold in over 125 countries. It operates thirteen state-of-the-art manufacturing facilities across five countries: India, the Netherlands, Italy, Egypt and China. Poly Medicure reported consolidated revenue of 17.59 billion rupees (~$200 million) in its most recent fiscal year.
“ARCHIMED helped Citieffe shift from a mostly regional company to an international one,” says Citieffe CEO Pascal Govi. “As a more diversified international business, we’re ready for the next stage of growth, combining Citieffe’s specialist knowledge and direct presence in Italy and the US with Poly Medicure’s extensive medical devices network.” Govi – recruited to his current post by ARCHIMED – and his management team will continue to run Citieffe as part of Poly Medicure.
For the past five years, Citieffe’s annual sales have increased by double-digit percentages in the trauma and orthopedic extremities market, which has been growing at some 5 percent annually. During this period Citieffe has maintained a strong double-digit EBITDA margin. This performance is driven by sustained investment in regulatory readiness, Citieffe was among the earliest adopters of full European Union MDR compliance; continued product innovation; international expansion; and the development of a robust presence in the US, the world’s largest medical devices market.
ARCHIMED helped Citieffe shift from a mostly regional company to an international one. As a more diversified international business, we’re ready for the next stage of growth.
Citieffe CEO, Pascal Govi
“We’ve come to the point where Poly Medicure is Citieffe’s ideal home,” says ARCHIMED partner Benoit Varichon. “As a large medical equipment manufacturer, Poly Medicure will make the most of Citieffe’s innovative product line and international presence.” Citieffe’s international sales, notably including Latin America and the US, are 60 percent of revenues, up from 30 percent prior to ARCHIMED’s acquisition of Citieffe. “We see synergies combining Citieffe’s innovation pipeline with Poly Medicure’s manufacturing scale and commercial reach,” says Himanshu Baid, Managing Director at Poly Medicure.
ARCHIMED’s inaugural investment fund, MED I, which held Citieffe after its identification and purchase by ARCHIMED MedTech, raised €150 million in 2014. The sale of Citieffe marks the liquidation of MED I, which returns 7.2 times investor’s money for a 59 percent annual return over 11 years. According to Preqin data, MED I ranks as the best performing private equity buyout fund on a global level for funds holding a final close in 2014. MED I invested in nine platform companies through majority buyouts, complemented by numerous bolt-on purchases. All of its portfolio companies were eventually sold to strategic buyers. All ARCHIMED funds – which have never recorded a loss – are currently top decile performers, according to Preqin data.