Galway-based medical devices firm Creganna is to be sold for $895m (€820m).
The global investment firm Permira, which bought Creganna in 2010, is to sell the firm to TE Connectivity, a sensor and connector manufacturer. The deal is an all-cash transaction.
Creganna has become a large global manufacturer of medical devices for the minimally invasive vascular surgery market.
According to Permira, Creganna has grown its revenue from $131m to $249m in the last six years. Creganna was founded in Galway in 1979 by Ian Quinn and counts Helen Ryan as a former chief executive. It has design and manufacturing facilities in the US, South America, Europe and Asia.
“We are very proud to have worked with Creganna to develop its business into high growth markets, expand its global footprint, enhance its technical capabilities and deepen its customer partnerships over the past five years,” said Mike Garland of Permira.
“We wish Creganna every success with its new strategic owner TE Connectivity.”
The company counts 400 companies as customers in 30 countries.
“We are pleased to be joining TE Connectivity to continue our journey to become the leading supplier of minimally invasive medical device delivery and access solutions for interventional medicine,” said Chip Hance, CEO of Creganna Medical. “With Permira’s support, we have been able to focus our efforts on critical markets, make the necessary investments and achieve strong results over the last few years. Now we are ready to take the next step in the evolution of the business. In addition to Permira, I’d like to thank the more than 2,000 staff throughout the world whose commitment has enabled Creganna to advance and be true to our medical device customers, physicians and patients that depend on the work we do.”
Article Source: http://tinyurl.com/kbwqb42