Private equity company Inflexion has led a buyout of Westmeath-based SteriPack Group, a global contract manufacturer serving the medical device, pharmaceutical and diagnostic markets.

SteriPack provides outsourced design, development, manufacturing, assembly, packaging, sterilisation and supply chain services for medical device, diagnostic and pharmaceutical businesses.

The company employs 650 people at locations in Ireland, Poland, Malaysia and the US, and has more than 100 global clients.

Inflexion said that the funding invested in SteriPack will support the business to continue to scale globally, as it benefits from strong market growth and further international expansion opportunities.

SteriPack acquired New Jersey-based HS Design in February 2021, and Colorado-based Halleck-Willard in October 2021.

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Inflexion partner Flor Kassai said: "SteriPack is an extremely successful niche market player with a strong track record, whose ongoing focus on high-quality innovation has earned it an impressive and loyal client roster. We are incredibly excited to bring our experience to bear to help management accelerate its growth further across the globe.”

SteriPack chief executive Andrew McLean added: “We’re very proud of our strong growth record and are keen to build on it to take SteriPack even further as we become even more valued partners to our customers through expansion of our capabilities and geographic footprint.

"Inflexion’s presence in our core markets of Europe, Asia and the US as well as its extensive M&A experience make it the ideal partner to support our future international growth.

The investment is being made from Flexion’s Buyout Fund VI which closed on £2.5 billion in March 2022. Normally, Inflexion invests up to £400m for each deal it completes.

Funds advised by Inflexion Private Equity Partners manage about £7.1 billion in assets.