Advises lenders on Creganna group acquisition of Tactx Medical
Matheson Ormsby Prentice, Ireland’s largest corporate law firm have advised the lenders on the acquisition by Galway based Creganna group of Avalon Medical Sciences Pte Ltd, the holding company of Tactx Medical Inc., which has operational bases in California, Minnesota, Massachusetts and Singapore.
In this, the first major M&A announcement of 2010, Matheson Ormsby Prentice advised Bank of Ireland Corporate Banking, Barclays Bank Ireland PLC, and HSBC Corporate Banking Ireland in their capacity as joint mandated lead arrangers on this significant M&A deal. Bank of Ireland acted as the agent bank on the transaction.
Creganna designs and manufactures specialist equipment for medical devices designed for minimally invasive surgical procedures. This acquisition will increase Creganna’s global staff, manufacturing footprint and revenues by 50 per cent and will see the combined group with estimated revenues of $110 million in 2009 earning them the position as a world leader in their field.
Avalon currently trades as Tactx Medical and the enlarged company will be known as Creganna Tactx Medical.
Banking partner Libby Garvey led the team at Matheson Ormsby Prentice.