Irish health technology firm to be sold off in €820m deal
Published 03/02/2016 | 02:30
The Galway-based medical devices firm Creganna is to be sold for $895m (€820m) in an all-cash transaction to TE Connectivity, a sensor and connector manufacturer.
The company, which was founded by Ian Quinn in 1979, has become a large global manufacturer of medical devices for the minimally invasive vascular surgery market.
The company has 400 corporate customers in 30 countries worldwide.
Its current owner, the investment firm Permira, said that it has grown its revenue from $131m to $249m in the last six years, with design and manufacturing facilities in the United States, South America and Asia, as well as Galway.
"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."
"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."