Dutch private equity firm Waterland has agreed to buy a majority stake in Cruinn Diagnostics, a leading independent laboratory equipment supplier in the Republic of Ireland.
The deal values the business at “north of €50 million”, according to Cruinn founder, chief executive and significant shareholder Jack Nolan. Waterland is acquiring a 56 per cent stake from MML Ireland, another private equity firm that invested in Cruinn in early 2022.
Founded in 1998, Cruinn has grown to become a key supplier to hospitals, independent testing laboratories, the life sciences industry, universities and research institutions.
Over the course of the MML investment, Cruinn expanded its customer base and enhanced its capabilities across multiple sectors, growing revenue and employee numbers by over 50 per cent. It has over 90 staff nationwide and recorded revenues of €45 million in 2024.
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While Cruinn looked at potential acquisitions with MML as a majority investor, it decided to focus on organic growth. Mr Nolan said the business may look at doing deals under Waterland, which has a focus on buying and building out so-called platform companies. He said that he also “wouldn’t rule out” expanding into other countries.
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“Cruinn is a dynamic, fast-growing leader in clinical diagnostics and laboratory supplies and services, backed by market-leading brands and suppliers with an outstanding track record for innovation, customer service and high-quality products,” said Laura Dillon, partner at Waterland.
IBI Corporate Finance managed the sale for MML. The business received six initial bids before the process was whittled down to two private equity suitors, including Waterland.
Waterland Ireland has invested in five so-called platform companies here since 2019, including Meath-based data centre cable specialist MTM Engineering, NetZero Group – formed through the Waterland-backed merger of two green heating and plumbing companies in 2023 – and the Silver Stream Healthcare nursing home group.
The group, which focuses largely on mid-sized companies, has then added smaller, complementary businesses to those platforms through acquisition.
Waterland Ireland, which is currently generating combined revenues of €600 million across its Irish portfolio, said in May that it planned to invest an additional €150 million in new platform companies as well as add-on acquisitions for existing portfolio companies by the end of 2026.
“We are delighted to be partnering with Waterland to pursue our ambitious growth plans. I would like to thank the team at MML for their support, guidance and commitment during our journey together,” said Mr Nolan.