Private equity firm BGF has announced a multi-million euro investment in Croom Precision Medical, which is based in Croom in Co Limerick.
BGF in Ireland is supported by the Ireland Strategic Investment Fund (ISIF) and the main Irish banks.
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. It employs 40 people in Croom and plans to recruit a further 20 over the coming two years.
This marks BGF's third investment in an Irish business since June of this year and the sixth investment completed in less than two years.
BGF only takes minority positions in the businesses in which it invests, and it aims to support and facilitate the growth plans of existing owners.
Michael Maher, the former chief operating officer of Glen Dimplex, is investing in Croom Precision Medical alongside BGF and will join the board as the independent non-executive Chairman.
Joe Higgins of BGF is also joining the company's board with Maedhbh O'Driscoll of BGF joining as an observer.
The company said it plans to use the BGF investment to expand its existing facility, invest in new capital equipment and create the new jobs.
Patrick Byrnes, CEO of Croom Precision Medical said the team has ambitious growth plans for the future, underpinned by a number of long-term medical device manufacturing contracts.
"We are excited to be partnering with the BGF team to bring Croom Precision Medical to the next level on a global stage, as a high performance supplier within the MedTech sector," he added.
Leo Casey, Head of BGF in Ireland, said that 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.
"Paddy Byrnes was a visionary when he set up the business in 1984 and under his leadership and that of his son Patrick, they have built an enviable reputation and a blue-chip customer base," Mr Casey said.
"We are delighted to support their growth plans and to welcome them into the growing portfolio of successful Irish businesses backed by BGF," he added.
BGF recently invested €3.6m to buy a significant minority stake in Action24, a Dublin-based security business which provides monitored intruder alarms, CCTV and access control solutions.
It also invested €10.5m to buy a minority stake in Edgescan, an Irish cybersecurity business, earlier this year.