Bank of Ireland leads financing supporting acquisition of majority shareholding in Creganna-Tactx Medical
Bank of Ireland Corporate Banking today, 23 November 2010, announces that it has part-financed the acquisition of a majority shareholding in Creganna-Tactx by the Permira Funds. The total amount of debt raised for this transaction was US$91.5m.
Bank of Ireland Corporate Banking today, 23 November 2010, announces that it has part-financed the acquisition of a majority shareholding in Creganna-Tactx by the Permira Funds. The total amount of debt raised for this transaction was US$91.5m.
Headquartered in Galway, Ireland, Creganna-Tactx Medical is a global leader in the supply of products, technologies and services to medical device and life science companies worldwide. It specialises in the design and manufacturing of delivery devices for minimally and less invasive therapies. Creganna-Tactx Medical has a global presence, employs approximately 1,000 people worldwide and has manufacturing sites in Ireland, USA, Singapore and Korea.
Bank of Ireland has worked closely with Creganna-Tactx Medical from its inception as an indigenous start up company, supporting the company through its’ strategic acquisition of US based Tactx Medical Inc. in December 2009.
Permira is a private equity firm advising funds with a total committed capital of approximately €20 billion.
The Permira Funds will look to support Creganna-Tactx Medical’s expansion strategy as it continues to grow organically and also look for further consolidation opportunities.
Commenting on the transaction, Helen Ryan, CEO of Creganna-Tactx Medical said “Bank of Ireland’s continued support of Creganna-Tactx Medical demonstrates their commitment to the development of Irish businesses with solid growth strategies.”
Sally Flanagan, Head of the Healthcare team at Permira, said: “Creganna-Tactx Medical is a highly resilient business with strong growth opportunities in a fragmented market. Their leading technology and close customer relationships provide a strong platform for further growth and we are delighted to be able to back such a talented management team as they continue to expand.”
Tom Hayes, Chief Executive, Bank of Ireland Corporate Banking commented on the transaction “Bank of Ireland is pleased to have acted as Global Coordinator and Mandated Lead Arranger in relation to the Permira Funds’ acquisition of the majority shareholding in Creganna-Tactx Medical. We continue to remain fully committed to supporting Irish based businesses and to providing finance for our private equity clients. We are delighted to continue our relationship with Creganna-Tactx Medical and look forward to supporting the company through its next phase of development.”
Bank of Ireland Corporate Banking acted as Joint Global Coordinator and Mandated Lead Arranger alongside HSBC Corporate Banking Ireland. Ulster Bank acted as Mandated Lead Arranger on this transaction.
For further information please contact:
Anne Mathews
Media Relations
Group Corporate Communications
Bank of Ireland
Tel: +353 (0)76 623 4771 / +353 87 246 0358
Notes to Editors
BANK OF IRELAND
Bank of Ireland Group is the leading provider of financial services products in the Republic of Ireland, has a significant presence in the UK market and employs c. 14,500 staff in total.
Bank of Ireland Corporate Banking provides a comprehensive, relationship-based banking service to large privately owned, publically quoted companies and financial institutions in Ireland. In addition, it has over 35 years’ experience of looking after the needs of multinational companies locating their European operations in Ireland. By understanding our customers and tailoring our services appropriately, Bank of Ireland remains Bank of Choice to large Corporates across almost every sector of the Irish economy.
Bank of Ireland’s Acquisition Finance team was established in 1996 as a specialist acquisition/leveraged finance unit, engaged in arranging, underwriting and participating in acquisition/leveraged finance transactions in Ireland, the UK, Continental Europe and the US. The team is involved in all aspects of acquisition finance including management buy-outs and buy-ins, leveraged buy-outs, leveraged corporate acquisitions, public to privates, capital reconstructions and capital expansions. It produces innovative and value-added solutions and the comprehensive product offering includes senior debt and mezzanine finance.