Permira realises 3.4x return on Creganna sale

Under the firm's ownership the medical device manufacturer acquired medical balloons manufacturer ABT Medical in 2012 and custom medical wire component manufacturer Precision Wire Components.

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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