Permira sells Creganna for $895m

The deal resulted in a 3.4x return for Permira. The GP acquired Creganna in October 2010, when the company was known as Creganna-Tactx Medical. The deal was reported to be worth €223m. The GP had invested via its fourth fund, which closed on €11bn in 2006.

Permira purchased the company from previous backers Altaris Capital Partners, which had acquired a minority stake in Creganna in 2006.

Since Permira's 2010 investment, Creganna's revenues have grown from $131m to $249m. This was achieved partly via two bolt-on acquisitions: Precision Wire Components and ABT.

Company
Galway-based Creganna manufactures minimally invasive devices for use in surgery and a range of therapies. The company counts 400 clients, comprising medical devices and life sciences companies, across 30 countries.

Creganna has manufacturing facilities in the US, South America, Europe and Asia. The company employs 2,000 people and generates revenues of $249m.

People
Permira – Mike Garland (partner). 
Creganna Medical – Chip Hance (CEO).

Advisers
Vendor – Piper Jaffray (M&A); Skadden Arps Slate Meagher & Flom (Legal).

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• Topics
• Exits
• UK / Ireland
• Healthcare
• Permira
• Trade sale
• Ireland