Patrick Byrnes Jnr, the business development manager, Croom Precision Medical with Niall Hurley mechanical engineer at the Chicago Omtec exhibition last year
A LIMERICK medical technology firm has secured a multi-million euro investment from a private equity firm.
BGF has sunk millions of euro into Croom Precision Medical, which specialises in design precision components for the medical device industry.
Set up in 1984 by Paddy Byrnes, Croom Precision Medical focuses on the machining and handling of precious metals for use in a sterile environment.
The firm currently has 40 staff on its books in Croom village, with 20 more due on stream in the next two years.
As a result of the investment, BGF will take a minority position in Croom Precision Medical.
The company plans to use the BGF investment to expand its existing facility, invest in new capital equipment and create the new jobs.
Patrick Byrnes, the chief executive of Croom Precision Medical said the 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," he added.
Leo Casey, head of BGF in Ireland, added 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.