$895m deal for Galway-headquartered medical devices company Creganna Medica

Galway-headquartered medical devices company Creganna Medical has been sold for $895m (€821.3m) in an all-cash deal.

The firm, which employs 2,000 workers across seven offices worldwide, has been acquired by Swiss company TE Connectivity, which specialises in connectivity and sensor technology.

Creganna Medical, which reported sales of $250m in 2015, was sold by London-based global investment firm Permira.

Creganna Medical chief executive Chip Hance lauded the success of the company over the past number of years and said he was looking forward to its next chapter.

“We are pleased to be joining TE Connectivity to continue our journey to become the leading supplier of minimally invasive medical device delivery and access solutions for interventional medicine,” he said.

“With Permira’s support, we have been able to focus our efforts on critical markets, make the necessary investments, and achieve strong results over the last few years.

"Now we are ready to take the next step in the evolution of the business.”

Having been acquired by Permira in 2010, Creganna last year grew its revenue from $131m to $249m.

“The acquisition of Creganna Medical is part of our well-established strategy to expand our leadership position in harsh environment applications,” said TE Connectivity chief executive Tom Lynch.

TE, which has a number of Irish offices, said it expects the acquisition to boost revenue growth and EBITDA margins.

It also expects the deal to add $0.03 to TE’s adjusted earnings per share in the first full fiscal year.

Meanwhile, cybersecurity firm Malwarebytes, which has its EMEA headquarters in Cork, has received a $50m investment that will help continue its European expansion.

Mutual funds giant Fidelity announced the investment in the Silicon Valley-based company founded in 2008 by then-teenager Marcin Kleczynski.

“This investment is very significant for growth in the enterprise market in Europe,” said said Malwarebytes EMEA vice-president Anthony O’Mara, who added that the funding round will support its expansion via the Cork offices.

The company announced the creation of 50 new roles in Cork last year and will move into its new offices at One Albert Quay in the coming months.


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