Decision Nº M/10/035 from Competition and Consumer Protection Commission, 2010-10-29

Decision NumberM/10/035
PartiesPermira Holdings Limited,Creganna Solutions Limited
StatusCleared (Phase 1)
M/10/035 – Permira/Creganna
DETERMINATION OF MERGER NOTIFICATION M/10/035 -
Permira /Creganna
Section 21 of the Competition Act 2002
Proposed acquisition by Permira Holdi ngs Limited of Creganna
Solutions Limited and Creganna Medi cal Devices Inc.
Dated 29 October 2010
Introduction
1. On 7 October 2010, in a ccordance with sec tion 18 of the Competition
Act 2002 (the “Act”), the Competition Authority (the “Authority”)
received a notification of a proposed transaction whereby Permira
Holdings Limited (“Permira”) would acquire indirect sole control of
Creganna Solutions L imited a nd Crega nna Med ical Devices Inc.
(collectively "Creganna ").
1
The Undertakings Involved
Permira
2. Permira is a European private equity firm, founded in 1985, and
operating out of Frankfurt, London, Milan and Paris. Permira’s global
portfolio includes controlling interests in a wide range of companies.
Presently Permira has invested in over 20 companies aro und the world
in various sectors including agrichemicals and pharmaceuticals,
clothing, hotels and travel agency services.
2
3. For t he year ended 30 September 2010 Permira’s worldwide turnover
was approximately €[…] of which approximately €[… ] was generated in
the State.
3
Creganna
4. Creganna is involved in the des ign, manufacture a nd supply of m edical
devices, in particular minimally invasive medical dev ices, such as
hypotubes, medical balloons and speciality needles.
4
1
Creganna’s entire issue share capital will be purchased by Cregstar Bidco Limited, a private
limited company specially established for th e purposes of completing the proposed transaction,
and ultimately controlled by Permira.
2
For more information on Permira refer to: http://www.permira.com>. For information on
Permira’s portfolio companies refer to: nt-
portfolio>.
3
Permira turnover is cal culated as the sum of the turnover of Permira Fund portfolio companies.
These companies have differing financial years and hence Permira’s turnover figure is updated on
an ongoing basis.
4
For more information on Creganna refer to: http://www.creganna.com>. At present the two
components of Creganna (i.e. Creganna Solutions Limited, based in the Isle of Man, and
Creganna Medical Devices Inc., based in the USA) are subsidiaries of C RGMD Holdings, a Galwa y
based holding company. Upon completion of the transaction the shareholders of C RGMD will
receive a mix of cash and equity in Cregstar Bidco Limited.

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