Cruinn secures €12m in investment from State-backed MML Partners

Laboratory equipment supplier Cruinn Diagnostics has secured a multimillion euro investment into the business from private equity firm MML Growth Capital Partners.

While the value of the investment has not been publicly disclosed, informed sources estimate that the State-backed MML is spending in the region of €12 million to secure a significant minority stake in Cruinn.

The investment is subject to approval from the Competition and Consumer Protection Commission (CCPC).

Founded in 1998 by Jack Nolan, Vincent Foley and Peter Hussey, Cruinn supplies laboratory diagnostics, instrumentation, consumables and related equipment to hospitals, pharmaceutical companies, universities and independent test labs.

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Its product portfolio covers a wide range of diagnostics, including clinical chemistry, immunoassay, haematology, microbiology, and auto immune serology.

Cruinn, which has its own in-house testing laboratory and also sells middleware IT systems, is headquartered in Dublin and employs 65 people. The company recorded revenues in excess of €30 million last year.

The new investment is being made through the MML Growth Capital Partners Ireland Fund II, a €145 million fund supported by the Ireland Strategic Investment Fund, AIB and a number of international institutional investors.

The company’s wider management team is to invest into the business for the first time as part of the transaction, with the investment to be used to support Cruinn’s expansion plans both organically through moves into new diagnostics areas, and through acquisitions.

"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," said Stephen Minogue, investment director at MML.

“We are delighted to partner with the Cruinn team and look forward to supporting their ambitious plans to scale the business into the future,” he added.

Among other companies to have received backing from MML are CG Power Systems and Natural World Products.

Focus Capital Partners through Alan Kelly, Paddy Dooley and Dermot Brennan, provided corporate finance advice to the shareholders of Cruinn. Dillon Eustace acted as legal adviser to MML, while William Fry acted for Cruinn. Deloitte provided financial and tax due diligence and PwC provided commercial due diligence.