Cruinn Diagnostics Limited (Cruinn), is delighted to announce that MML Ireland, a leading investor in Irish small and medium enterprises, has agreed to make a significant investment into the business.
Cruinn is one of Ireland’s leading independent distributors of laboratory diagnostics, instrumentation, consumables and related equipment. The business was established in 1998 to focus on supplying to all laboratory market segments in Ireland including Hospitals, Pharmaceutical Industry, Universities, and Independent Testing Laboratories. Cruinn’s products and services has expanded greatly over the years to achieve maximum market penetration. The core business is in the Clinical Hospital Market and covers all primary Laboratory disciplines, Clinical Chemistry, Microbiology, Immunology, Haematology, and Cellular Pathology. Cruinn has longstanding marketing partnerships with Global market leaders in the IVD industry.
The deal will see MML Ireland as the largest single equity holder, alongside the founders, Jack Nolan, and Vincent Foley. Peter Hussey, Technical Director since 2006, will also be an equity holder. Sean McGeown, Medical Sales Director since 2000, has decided to retire fully from the business. The wider management team will be investing into the business for the first time and the investment will be used to support Cruinn’s expansion plans organically into new diagnostics areas and through acquisition.
Cruinn is focused on providing best-in-class customer service and has added additional service offerings over the years, including CruinnCal, an INAB ISO 17025 accredited testing and calibration service. CruinnCal provides calibration, installation, validation, and on-going maintenance of laboratory equipment. Cruinn also provide value adding middleware IT systems and has its own in-house testing laboratory. Cruinn is based in Dublin and employs c. 65 people. The business reported revenue in excess of €30 million in the year to 31 December 2020.
Vincent Foley, Cruinn Clinical Sales Director, comments:
“Our focus has always been on our customers and to enhance our service delivery to them. Our commitment to ‘same day next day’ for products and service has been a constant and maintaining this is a credit to our incredible staff”
The MML Ireland investment is led by Neil McGowan, Partner and Co-Head of Investments, Stephen Minogue, Investment Director and Kevin Nyhan, Investment Analyst, and is being made from 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 fund is dedicated to backing small and medium sized private businesses originating on the island of Ireland.
Jack Nolan, Managing Director of Cruinn, said:
“We are delighted to receive this investment from MML. I look forward to working with MML on our future expansion plans. With its experience of working with ambitious and focused management teams, MML is the perfect partner for the next stage of our journey. This investment will give Cruinn the additional financial support to expand in its target markets.”
Stephen Minogue, Investment Director at MML Ireland, said:
“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. We are delighted to partner with the Cruinn team and look forward to supporting their ambitious plans to scale the business into the future.”
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.