MML Growth Capital Partners Ireland, an investor in small and medium enterprises is set to invest €12m in Dublin-based Cruinn Diagnostics Limited, a distributor of laboratory equipment.
Cruinn employs 65 people and reported revenue in excess of €30 million in the year to 31 December 2020.
It said the investment will be used to support its expansion plans into new diagnostics areas.
"We are delighted to receive this investment from MML", said Jack Nolan, Managing Director of Cruinn.
"This investment will give Cruinn the additional financial support to expand in its target markets," he added.
The deal will see MML become the largest single equity holder, alongside the founders, Jack Nolan, and Vincent Foley.
Peter Hussey Technical Director since 2006 will also be an equity holder, while Sean McGeown Medical Sales Director since 2000 has decided to retire fully from the business.
Cruinn said the wider management team will also be investing into the business for the first time.
The MML investment is being made from the MML Growth Capital Partners Ireland Fund II, a €145 million fund supported by the Ireland Strategic Investment Fund, AIB and a number of international institutional investors.
The fund is dedicated to backing small and medium sized private businesses originating on the island of Ireland.
The investment by MML is subject to approval from the Competition and Consumer Protection Commission (CCPC).
