Permira is selling Creganna Medical, a manufacturer of delivery devices for minimally invasive vascular surgeries, to TE Connectivity for $895 million cash, the firm’s representatives said.
Permira will post a 3.4x return on invested capital through this divestiture, a source familiar with the matter told Private Healthcare Investor. Permira originally acquired Creganna through Permira IV in 2010 for €223 million ($318.6 million), according to the firm’s website.
Permira IV is a 2006-vintage vehicle with €9.6 billion in committed capital. This transaction succeeds Permira global healthcare team’s November sale of aquaculture company PHARMAQ to Zoetis, reported by Private Equity International.
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