Creganna acquires Tactx Medical Inc.

CREGANNA ACQUIRES TACTX MEDICAL INC.

• Two of the World’s Leading Providers of Technologies and Services to the Minimally Invasive Medical Device Industry Combine

• Company to be Known as Creganna –

• Extended Global Reach, Enhanced Technology Depth and a Presence in Key Medical Device Clusters Worldwide
• Bank of Ireland Corporate Banking, Barclays Bank Ireland and HSBC Corporate Banking Ireland provided the finance for the transaction; Banks Committed to Growth and Funding of Solid Irish Businesses

 

GALWAY, IRELAND & CAMPBELL, CA, January 4th, 2010 — Creganna, a leading supplier of technologies and services to medical device and lifesciences companies today announced that it has acquired Avalon Medical Services Pte Ltd. which trades as Tactx Medical Inc. Bank of Ireland Corporate Banking acting as agent and funding bank, Barclays Bank Ireland and HSBC Corporate Banking Ireland provided the finance for the transaction. Details of the transaction were not disclosed.

The company will be known as Creganna – Tactx Medical and will be positioned as a world leader in the provision of technologies and services for minimally invasive delivery and access devices.

Commenting on today’s announcement, Helen Ryan, CEO Creganna, said: “This move represents a key step in Creganna’s vision to build a leading global medical technology company.  Tactx Medical, with its strong market reputation, is a true fit for Creganna.

Our customers, medical device companies, are increasingly looking to strategic partners to fulfill more of their supply chain requirements. With our global locations, combined technologies and range of services Creganna – Tactx Medical is strategically positioned to meet these evolving needs.

This move firmly positions Creganna – Tactx Medical within the top ten global providers of technologies and services to minimally invasive medical device companies.”

Ryan went on to praise the support the company received from its fundraising partners during the deal process, “This deal demonstrates the commitment of Bank of Ireland Corporate Banking, Barclays Bank Ireland and HSBC Corporate Banking Ireland in supporting solid Irish businesses develop and expand despite challenging economic conditions. They understood our vision from the outset and effectively helped us secure and close this deal in a timely manner, enabling us to enter 2010 in a very strong competitive position.”

A Partnership that Makes Sense
Creganna – Tactx Medical, with locations in California, Minnesota, Massachusetts, Singapore and Ireland will have a presence in many of the key medical device clusters globally enabling stronger partnerships with customers.

Combined, the two companies will offer a complete range of technologies and services for minimally invasive delivery and access devices, with a specialist competency in the design and manufacturing of high end therapeutic catheters.

The market for minimally invasive medical devices continues to grow. In parallel, the market for outsourced products and services is also evolving and forecast to grow.
Creganna – Tactx Medical is positioned to benefit from these trends.

Creganna – Tactx Medical’s customers provide minimally invasive medical devices for clinical applications including interventional cardiology, neurology, peripheral vascular, cardiac rhythm management and endoscopy.

Creganna – Tactx Medical will have more than 800 staff worldwide and a combined revenue of $110 million in 2009.

For further media information:
Niamh Lyons, on behalf of Creganna  +353 1 6633602 (OUS)
Robert Stanislaro, on behalf of Creganna  +1 (212) 850-5657 (US)

Download a copy of our manifesto which presents the vision for the newly combined company, the benefits of the acquisition to all stakeholders and the next steps in the integration process.
About Creganna
Creganna is a leading supplier of products, technologies and services to medical device and lifescience companies worldwide. Creganna specialise in the design and manufacture of minimally & less invasive delivery and access devices for a range of therapies. The company has particular expertise in the design and manufacture of components, sub-assemblies and complete catheter and specialty needle devices. Creganna’s customer portfolio includes the worlds leading medical device manufacturers.
Creganna employ 550 people worldwide at manufacturing facilities in Galway, Ireland and Marlborough, MA. Additional sales offices are located in Minneapolis, MN; San Diego, CA; and Finland. Creganna is an independently owned Irish company. www.creganna.com

About Tactx Medical Inc
Tactx Medical Inc is a full-service provider of technologies and services for medical device companies. The company specializes in delivery systems and high end catheters for minimally invasive therapies, with extensive capabilities in engineering and pilot manufacturing services.

 

Tactx Medical Inc is headquartered in Campbell, CA and has manufacturing facilities in Minneapolis, MN and Singapore. The company employs 270 people worldwide.
http://www.tactxmed.com

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