Waterland-backed Cruinn buys UK's Katalyst, targeting €150M in sales
What's the deal? Cruinn Diagnostics, an Irish supplier of laboratory diagnostic equipment, reagents and calibration services backed by Waterland Private EquityDealroom has a profile for this one. Try Dealroom →, has acquired Katalyst DiagnosticsDealroom has a profile for this one. Try Dealroom →, a British point-of-care diagnostics firm. Terms were undisclosed. The deal, announced in September 2026, marks Cruinn's entry into the UK market.
What each side brings: Katalyst serves NHS clients and clinics in psychiatry, oncology, paediatrics and other areas, adding local commercial infrastructure and point-of-care solutions. Cruinn's Irish platform, in turn, can accelerate growth of Katalyst's portfolio at home.
By the numbers: The combined group now has more than 100 employees and revenue above €50 million. Chief executive Peter Hussey said the ambition is to grow to €150 million in sales "in the coming years" (translated from Spanish).
What's the endgame? The acquisition is Cruinn's first step in a buy-and-build strategy across Ireland and the UK. Over time, the group will also weigh expansion into selected continental European markets through complementary deals.
Why now? The purchase gives Cruinn an established UK foothold from day one — including NHS relationships and local market knowledge — rather than building presence from scratch.
Katalyst will keep operating under its current management, led by general manager Afsheen Khan, and stay focused on the British market. "Cruinn is the right long-term partner for Katalyst Diagnostics," Khan said (translated from Spanish).
The signal: The deal reflects private equity's appetite for building scalable diagnostics distribution platforms through cross-border consolidation. For Cruinn, tripling revenue to €150 million will hinge on turning a single acquisition into a repeatable playbook across two markets — and eventually more.
Read more: capital-riesgo.es
Image credit: umseas
