Wexford-based Medentech says it is geared up for more growth following its acquisition by German equity fund investor Paragon Partners in a full equity financed buyout.
Medentech are manufacturers of Halal certified Aquatabs, the world's number 1 water purification tablet. Aquatabs are used by all major international aid agencies and peacekeeping forces. Each year some 1 billion Aquatabs are used globally.
Medentech is a 100 per cent export firm with sales to over 120 countries.
Medentech are also the world's number one manufacturer of hospital surface infection control tablets.
Paragon Partners is a Munich-based equity fund who recently successfully closed their latest fund at €412 million equity.
Paragon have a significant track record in mid-sized company acquisitions, with an emphasis on post purchase growth including add-on acquisitions.
Michael Gately from Medentech said that all at the Medentech team are absolutely delighted with the new ownership, which includes Medentech's Irish management.
'The company have ambitious development plans, with additional bolt-on investment opportunities already being negotiated.'
Medentech, which is 30 years old, currently employs 70 people. It exports to 120 countries and has a turnover in excess of €10 million. The company declined comment on the figures involved in the acquisition.
'We very actively pursuing additional bolt-on acquisitions,' said Mr. Gateley, 'my intention is to back those productions into our Wexford facility. We certainly have a determined growth pattern and are very well funded to target that growth.'
Asked about the impact of the acquisition on jobs, Mr. Gately said that 'while we live in a world of change it was the company's intention to grow'.
'This is a great new phase in the company,' he said.