A British private equity firm, Permira, agreed to buy out a majority stake in Irish medical device maker Creganna-Tactx Medical.
Permira is taking over Altaris Capital Partners LLC’s stake in Creganna-Tactx; the rest of the company’s shareholders will keep their stakes, according to a press release. The Quinn family, including chairman Ian Quinn, and company management will retain their minority interests in the firm, according to Reuters.
The equity-funded deal values Creganna-Tactx as worth roughly $304.7 million, "a person familiar with the situation" told the news service. The company makes components for minimally invasive devices like catheters and specialty needles. Creganna Medical merged with Tactx Medical Inc. when it acquired Tactx parent company Avalon Medical Services Pte. Ltd. in January. CEO Helen Ryan said at the time that the merger "firmly positions Creganna-Tactx Medical within the top 10 global providers of technologies and services to minimally invasive medical device companies."
The Galway, Ireland-based firm has operations in the Emerald Isle, Singapore and in Marlborough, Mass., Minnesota and California.
Ryan called the Permira deal "another key landmark in fulfilling our vision for growth" in prepared remarks.