N EWS January 2021
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BGF invests in
Limerick company
The State-backed capital
investment firm BGF
has closed a multi-million
euro investment in Limerick
company Croom Precision
Medical.
BGF in Ireland is
supported by the Ireland
Strategic Investment Fund
(ISIF) and the main Irish
banks. The announcement is
the third investment which
BGF has completed in an
Irish business since June
and the sixth investment
completed in less than two
years. BGF takes minority
positions in the businesses
in which it invests aiming
to support and facilitate
the growth plans of existing
owners.
Michael Maher, former
Chief Operating Officer of
Glen Dimplex, is investing
in Croom Precision Medical
alongside BGF and will join
the Board as independent
Non-Executive Chairman.
Croom Precision Medical
is a precision engineering
business which specialises in
designing and manufacturing
precision components for
the medical device industry.
The company was set up in
1984 by Paddy Byrnes and
focuses on the machining
and handling of precious
metals for use in a sterile
environment. The company
employs 40 people in Croom
and plans to recruit a further
20 over the coming two years.
The company is now led
by Patrick Byrnes, the son
of Paddy, and has won a
number of new long-term
contracts. It plans to use
the BGF investment to
10 » JANUARY 2021 » WWW.MADEIN.IE
expand its existing facility
in Limerick, invest in new
capital equipment and create
new jobs.
Croom Precision Medical
is located close to a hub
of global medical device
manufacturers who have
significant operations
located in the South and
West of Ireland. The
company has longstanding
relationships with a number
of these international players
including several household
names in the MedTech sector.
In addition to Michael
Maher, Joe Higgins of BGF is
also joining the Board with
Maedhbh O’Driscoll of BGF
joining as a Board observer.
Leo Casey, Head of
BGF in Ireland, said;
“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.
Patrick Byrnes (CEO
of Croom) said they were
excited to be partnering
with BGF to bring Croom
Precision Medical to the next
level on a global stage.
Incoming Chairman
Michael Maher said: “Given
Croom Precision Medical’s
focus on innovation, quality
and customer service it is
well placed to capitalise on
the business opportunities
which this sector presents.
I am excited to partner with
the Management Team and
BGF to aggressively grow the
business over the coming
years.”
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