Private equity firm Waterland has agreed a deal to buy Cruinn Diagnostics, which provides laboratory diagnostic equipment, reagents, consumables and calibration services to the Irish market, from MML Ireland.
Founded in 1998, Dublin-headquartered Cruinn Diagnostics is a key supplier to hospitals, independent testing laboratories, the life sciences industry, universities and research institutions.
The company reported revenues of €45m last year and employs over 90 people nationwide.
It said today’s deal will support accelerated growth in the company over the coming years and will allow Cruinn Diagnostic to launch next generation Healthcare Diagnostics to its customers.
As part of the deal, Cruinn’s management team will reinvest to retain a significant minority stake in the business.
In 2021, MML Ireland invested in Cruinn Diagnostics to back its growth strategy.
Today’s transaction is subject to approval from the Competition and Consumer Protection Commission (CCPC).
Jack Nolan, CEO of Cruinn Diagnostics, said the company is delighted to be partnering with Waterland to pursue its ambitious growth plans.
“The future is bright for Cruinn, and we are excited to be working with Waterland and launching future advanced diagnostics and products to our customers through the opportunities that we can unlock together with Waterland,” he said.
Laura Dillon, Partner at Waterland, said that Cruinn is a dynamic, fast-growing leader in clinical diagnostics and laboratory supplies and services, backed by market-leading brands and suppliers with an outstanding track record for innovation, customer service and high quality products.
“We’re delighted to join forces with Jack Nolan, Peter Hussey and the entire Cruinn team to accelerate their growth strategy. We would like to thank MML and we are delighted to partner with Cruinn, to support their continued success,” she added.
Neil McGowan, Managing Partner and Co-Head of Investments at MML Ireland, said the Cruinn team epitomise the top-quality customer service, openness, entrepreneurial spirit and drive that sets many Irish businesses apart.
