Bank of Ireland Corporate Banking has part-financed the acquisition, through the provision of USD91.5m senior debt facilities, of a majority shareholding in Creganna-Tactx by the Permira Funds.
Headquartered in Galway, Ireland, Creganna-Tactx Medical supplies products, technologies and services to medical device and life science companies. It specialises in the design and manufacturing of delivery devices for minimally and less invasive therapies.
Creganna-Tactx Medical employs approximately 1,000 people worldwide and has manufacturing sites in Ireland, US, Singapore and Korea.
Bank of Ireland has worked closely with Creganna-Tactx Medical from its inception as a start up company, supporting the company through its acquisition of US-based Tactx Medical in December 2009.
Permira is a private equity firm advising funds with a total committed capital of approximately EUR20bn.
The Permira Funds will look to support Creganna-Tactx Medical’s expansion strategy as it continues to grow organically and also look for further consolidation opportunities.
Helen Ryan, chief executive of Creganna-Tactx Medical, says “Bank of Ireland’s continued support of Creganna-Tactx Medical demonstrates their commitment to the development of Irish businesses with solid growth strategies.”
Sally Flanagan, head of the healthcare team at Permira, says: “Creganna-Tactx Medical is a highly resilient business with strong growth opportunities in a fragmented market. Their leading technology and close customer relationships provide a strong platform for further growth and we are delighted to be able to back such a talented management team as they continue to expand."
Tom Hayes, chief executive, Bank of Ireland Corporate Banking, adds: “Bank of Ireland is pleased to have acted as global coordinator and mandated lead arranger in relation to the Permira Funds’ acquisition of the majority shareholding in Creganna-Tactx Medical. We continue to remain fully committed to supporting Irish based businesses and to providing finance for our private equity clients. We are delighted to continue our relationship with Creganna-Tactx Medical and look forward to supporting the company through its next phase of development.”
