The sale followed a competitive process with management plumbing to back Waterland in a deal that will see the private equity firm take a majority stake, understood to be around 56pc, while the leadership team will retain 44pc ownership, it is understood.
The deal marks an exit for MML Ireland, which had bought into Cruinn in 2021 in a deal reported to have been valued at €12m.
Cruinn Diagnostics is one of the leading distributors of laboratory diagnostic equipment, reagents, consumables and calibration services to the Irish market. Its key clients include HSE labs, industry, private hospitals and third level institutions, while the business has contracts in place with major manufacturers.
Cruinn Diagnostics CEO Jack Nolan said investment from Waterland will unlock potential growth both in terms of organic expansion and potential for bolt-on acquisitions.
“Buy-and-build can be an exciting strategy but it has to be balanced with the potential for organic growth,” he said.
Founded in 1998, Cruinn Diagnostics is headquartered in Dublin and employs over 90 people nationwide. The company reported revenues of €45m in 2024 – up 50pc since its 2021 buy-out.
Waterland’s Laura Dillon said it is investing in Cruinn as a dynamic, fast-growing leader in clinical diagnostics and laboratory supplies and services, backed by market-leading brands and suppliers.
It is understood Waterland sees Cruinn as a so-called platform investment, a business with potential for major expansion given access to financial backing.
Waterland has developed a number of such ventures across multiple sectors since launching in Ireland in 2019. It has invested in 30 Irish companies to date, including Writech, a fire protection, detection and maintenance firm that has since expanded across Europe; and MTM Engineering, a mechanical and electrical contractor where investment has fuelled expansion.
The Cruinn transaction is subject to approval from the Competition and Consumer Protection Commission (CCPC).
Waterland was advised by Flynn O’Driscoll, Ernst & Young (EY), Mason Hayes & Curran and Donogh Hardiman.
Cruinn shareholders were advised by IBI Corporate Finance and William Fry. Deloitte provided financial and tax due diligence while PwC’s Strategy& provided commercial due diligence. PwC also provided tax structuring advice while Emerald Financial supported Cruinn management on due diligence.
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