PAI Partners agreed to sell its majority stake in Amplitude Surgical to Zydus Lifesciences in a deal valuing the European MedTech company at €530m. 

The private equity firm, along with Amplitude’s management and minority shareholders, will sell 85.6% of the business at €6.25 per share—an 80.6% premium over the last closing price.

Amplitude Surgical, a specialist in lower-limb orthopedic technology, has seen significant growth under PAI’s ownership. Since acquiring the business through its Mid-Market Fund, PAI has helped Amplitude expand internationally, enhance manufacturing capabilities, and develop an innovative surgical robot. In fiscal 2024, Amplitude posted €106m in revenue and €27.1m in EBITDA.

“Amplitude has transformed into a European leader in lower-limb orthopedics, and this exit reflects the success of our growth strategy,” said Stefano Drago, Founding Partner at PAI Mid-Market Fund. The firm streamlined operations, divested non-core assets, and strengthened Amplitude’s R&D pipeline during its tenure.

Zydus sees the acquisition as a strategic expansion into MedTech. CEO and founder Olivier Jallabert, who will remain involved post-transaction, described the deal as “a testament to Amplitude’s success and resilience.”

The sale remains subject to regulatory approvals, including clearance from the French Minister of Economy. A subsequent tender offer by Zydus is expected to follow once the transaction closes, likely by June 2025.