Waterland and MML Ireland agree terms on acquisition of Cruinn Diagnostics.
Waterland, a pan-European private equity firm, has acquired a 52% majority stake in Cruinn Diagnostics, a leading provider of laboratory diagnostic equipment, reagents, consumables, and calibration services in Ireland.
Founded in 1998, Cruinn Diagnostics has become a key supplier to hospitals, independent testing laboratories, the life sciences sector, universities, and research institutions.
“The future is bright for Cruinn, and we are excited to work with Waterland to launch advanced diagnostics and products for our customers”
Headquartered in Dublin, the company employs more than 90 people across the country and reported revenues of €45m in 2024.
The investment will support accelerated growth and enable Cruinn Diagnostics to introduce next-generation healthcare diagnostics to its customers, with the goal of improving patient outcomes. As part of the transaction, the company’s management team will reinvest to retain a significant minority stake.
“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,” explained Jack Nolan, CEO of Cruinn Diagnostics.
“The future is bright for Cruinn, and we are excited to work with Waterland to launch advanced diagnostics and products for our customers.”
Growth strategy
MML Ireland initially invested in Cruinn Diagnostics in 2021 to support its growth strategy. The partnership provided capital and strategic guidance, helping the company expand its operations, build new supplier relationships, and strengthen its market position.
During this period, Cruinn increased its customer base and capabilities across multiple sectors, growing both revenue and employee numbers by more than 50%.
“Cruinn is a dynamic, fast-growing leader in clinical diagnostics and laboratory supplies and services. It is backed by market-leading brands and suppliers and has an outstanding track record for innovation, customer service, and high-quality products,” said Laura Dillon, Partner at Waterland.
“We are delighted to join forces with Jack Nolan, Peter Hussey, and the entire Cruinn team to accelerate their growth strategy. We would like to thank MML and are pleased to support Cruinn’s continued success.”
Neil McGowan, Managing Partner and Co-Head of Investments at MML Ireland, said, “Jack and the Cruinn team epitomise the top-quality customer service, openness, entrepreneurial spirit, and drive that sets many Irish businesses apart. We have very much enjoyed working with him, Peter, and their team on what has been a very successful investment for MML. We wish Waterland and the Cruinn team the greatest success in the next stage of their journey.”
The transaction is subject to approval by the Competition and Consumer Protection Commission (CCPC).
Advisers to Waterland included Flynn O’Driscoll, Ernst & Young, Mason Hayes & Curran, and Donogh Hardiman. Financing is being provided by Dunport Capital Management and Bank of Ireland, with support from Addleshaw Goddard.
Cruinn shareholders were advised by IBI Corporate Finance and William Fry. Deloitte provided financial and tax due diligence, while PwC’s Strategy& conducted commercial due diligence. PwC also advised on tax structuring, and Emerald Financial supported Cruinn management.
Image at top: Waterland Ireland partner Laura Dillon and Jack Nolan, CEO of Cruinn Diagnostics
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