Permira, the global investment firm, announced today that a company backed by the Permira IV fund has entered into a definitive agreement to sell Creganna Medical (“Creganna” or the “Company”), a global manufacturing leader of delivery devices for the minimally invasive vascular surgery market, to TE Connectivity (NYSE:TEL) for US$895million in an all cash transaction.
Since being acquired by the Permira funds in 2010, Creganna was significantly transformed from a medical component manufacturer to a global leader in end-to-end manufacturing for the minimally invasive vascular surgery market. During that period, Creganna grew revenue from $131m in 2010 to $249m in 2015. This outcome was achieved through the recruitment of a world class management team, two strategic acquisitions - Precision Wire Components and ABT- that shaped an end-to-end offering, a global footprint and a competitive cost position as well as positioning the company as a leader in two high growth markets - electrophysiology and structural heart.
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