Specialised packaging manufacturer AQF Medical has become part of US multinational UFP Technologies following a deal announced on Monday.
Led by managing director, Seamus Fagan, Co Meath-based AQF makes packaging mostly for the medical devices industry. It exports around the world and has a joint venture in Singapore.
The Irish company confirmed that UFP has bought the business in a move that further expands the Massachusetts-based group’s presence here. It bought another Irish company, Advant Medical, two years ago.
AQF foam and thermoplastic polyurethane packaging is used for woundcare and orthopaedic products and life-saving medical devices.
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UFP focuses on medical devices, sterile packaging and “highly-engineered custom products”, according to a statement.
It added that the deal would bring together two of the global leaders in specialist foam conversion.
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Mr Fagan predicted that the move would benefit the pair’s worldwide customers. “UFP’s engineering capabilities will enhance our offering to existing customers, and we anticipate that our local knowledge will enable us to identify new clients in both Europe and Asia,” he said.
Jeffrey Bailey, chairman and chief executive of UFP said that the Irish company’s “talented leadership team will be instrumental in continuing our international growth”.
Brendan Traynor, director of private equity firm, Renatus Capital, which backed AQF, said the company’s management, including Mr Fagan, Tom Lane and brothers, Michael, Aidan and Colin Moran, had cemented its position as a global leader. He added that UFP would make the perfect strategic partner.
Founded in 2014 by Mr Traynor and Mark Flood, Renatus invests in high-potential small and medium-sized companies in Ireland and Britain. Backers include the Irish Strategic Investment Fund and AIB.
This story was updated on August 27th to correct the name of the target company throughout to AQF
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