Congratulations to BGF, Ireland’s largest growth capital investor, on closing their multi-million euro investment in Croom Precision Medical on 7th October 2020. BGF in Ireland is supported by the Ireland Strategic Investment Fund (ISIF) and the main Irish banks. This is their third investment completed in an Irish business since June of this year and the sixth investment completed in less than two years. BGF only takes minority positions in the businesses in which it invests, and it aims to support and facilitate the growth plans of existing owners.
Croom Precision Medical is a precision engineering business which specialises in designing and manufacturing precision components for the medical device industry. The company was set up in 1984 by Paddy Byrnes and focuses on the machining and handling of precious metals for use in a sterile environment. The company employs 40 people in Croom, Limerick, and plans to recruit a further 20 over the coming two years.
George Kennedy, Partner at Holmes O’Malley Sexton, advised BGF on the investment and commented,
“Congratulations to BGF on their recent investment in Croom Precision Medical. We were delighted to support Joe Higgins and Maedhbh O’Driscoll and wish BGF and Croom Precision Medical every success in their future.”
Speaking on Wednesday, Leo Casey, Head of BGF in Ireland, said;
“Croom Precision Medical is a wonderful example of a successful Irish manufacturing business and how such businesses can leverage the presence of much larger multinational businesses across Ireland. Paddy Byrnes was a visionary when he set up the business in 1984 and under his leadership and that of his son Patrick, they have built an enviable reputation and a blue-chip customer base. We are delighted to support their growth plans and to welcome them into the growing portfolio of successful Irish businesses backed by BGF.”
Patrick Byrnes, CEO of Croom, said;
“Our team has ambitious growth plans for the future, underpinned by a number of long-term medical device manufacturing contracts. We are excited to be partnering with the BGF team to bring Croom Precision Medical to the next level on a global stage, as a high performance supplier within the MedTech sector.”
Incoming Chairman Michael Maher, said;
“Given Croom Precision Medical’s focus on innovation, quality and customer service it is well placed to capitalise on the business opportunities which this sector presents. I am excited to partner with the Management Team and BGF to aggressively grow the business over the coming years.”