Irish laboratory supplier Cruinn Diagnostics has announced the acquisition of Katalyst Diagnostics, a UK-based point-of-care diagnostics business serving NHS and clinical customers across mental health, oncology, paediatrics and other specialist care settings.
The acquisition bolsters Cruinn’s footprint in the UK diagnostics market, adding established NHS customer relationships, local commercial infrastructure and a complementary portfolio of point-of-care diagnostic solutions. It also creates new opportunities to introduce Cruinn products to UK customers, while leveraging Cruinn’s established Irish platform to accelerate the growth of Katalyst Diagnostics’ portfolio in Ireland.
The combined group now has more than 100 employees and revenues above €50 million. Over the coming years, Cruinn has ambitious growth plans both organically and through further acquisitions in the UK and Ireland.
Katalyst Diagnostics adds a high-growth point-of-care diagnostics portfolio that complements Cruinn’s established strength in laboratory diagnostics and its expanding point-of-care capability. The business will continue to focus on the UK market, where Cruinn sees significant opportunity to expand its market through further investment and targeted mergers and acquisitions.
The transaction forms part of Cruinn’s wider strategy to build a scaled diagnostics distribution group across Ireland and the UK. Over time, the group will also assess opportunities to expand into selected continental European markets, where complementary acquisitions would add market access, specialist capabilities and further scale.
Peter Hussey, CEO at Cruinn Diagnostics (pictured above), said: “Katalyst Diagnostics is a strong strategic fit for Cruinn and gives us a solid platform in the UK market from day one. The business brings established NHS customer relationships, local market knowledge and a differentiated point-of-care diagnostics portfolio that complements our existing capabilities. Together, we see a clear opportunity to support customers across Ireland and the UK with a broader range of diagnostic solutions, while building a larger and more diversified group.”
Hussey added: “This acquisition is an important first step in our UK buy-and-build strategy. Our ambition is to grow the group to €150 million in revenue over the coming years by backing strong businesses, investing in people and infrastructure, and expanding the specialist innovative products and services we offer to customers.”
Afsheen Khan, Managing Director of Katalyst Diagnostics, said: “Cruinn is the right long-term partner for Katalyst Diagnostics. The Group understands our market, shares our focus on service and quality, and has the infrastructure to help us grow. I look forward to continuing to lead the UK business as part of the Cruinn Group and to bringing our portfolio to more customers and patients across the UK and Ireland.”
Katalyst Diagnostics will continue to operate under its existing leadership, with Afsheen Khan remaining as Managing Director.