Permira has bought a majority stake in Creganna-Tactx Medical, an Ireland-based medical device maker, in a €220m ($306m) deal made a year after Hong Kong-based telecoms firm Pacific Century Group acquired its venture capital investor.
Creganna sold a 29% stake to AIG Altaris, a private equity unit of insurance firm American International Group, in 2006. This was three years before Richard Li’s Pacific Century Group subsidiary Bridge Partners snapped up Altaris as part of a $500m deal last year to buy a host of private market subsidiaries managing $88.7bn. AIG retained a stake in some of the profits made by its former subsidiaries after the sale.
Creganna used the investment from Altaris to roll up a number of peers, including Tactx in January.