MML Growth Capital Partners has announced investment in Cruinn Diagnostics that will see it acquire a majority equity stake in the company.
The deal is subject to approval from the Competition and Consumer Protection Commission.
Established in 1998, Cruinn is a distributor of laboratory diagnostics, instrumentation, consumables and related equipment, aimed at laboratory market segments such as hospitals, the pharma industry, universities and independent testing labs.
The core business is in the clinical hospital market, and covers all primary laboratory disciplines including clinical chemistry, microbiology, immunology, haematology, and cellular pathology, and Cruinn has long-standing marketing partnerships with global market leaders in the industry.
Cruinn Diagnostics Ltd has had a very good pandemic, with turnover surging from €20.7m in 2019 to €32.3m in 2020. The company’s four directors were rewarded with remuneration of €2.6m and pension payments of €1.6m.
In Association with
Founders Jack Nolan and Vincent Foley, and technical director Peter Hussey, will remain as shareholders, while medical sales director Sean McGeown is retiring.
MML Growth Capital Partners Ireland Fund II is a €145m private equity fund that is backed by the Ireland Strategic Investment Fund, AIB and international institutional investors.
MML investment director Stephen Minogue said: “Cruinn is one of the leading independent distributors of laboratory diagnostic instruments and reagents in Ireland and has developed a very strong reputation in the market. We are delighted to partner with the Cruinn team and look forward to supporting their ambitious plans to scale the business into the future.”
Cruinn managing director Jack Nolan stated: “MML is the perfect partner for the next stage of our journey. This investment will give Cruinn the additional financial support to expand in its target markets.”
Focus Capital Partners provided corporate finance advice to Cruinn’s shareholders, while Dillon Eustace acted as legal adviser to MML and William Fry acted for Cruinn. Deloitte provided financial and tax due diligence and PwC provided commercial due diligence.
