Irish medical device company experiencing rapid growth
Croom Medical, a medical device manufacturing business which manufactures orthopedic medical implants for a series of blue chip multinational companies has opened a new multi-million euro manufacturing facility in its home town of Croom, County Limerick. The company has invested over €12 million in the new facility. The company has also announced plans to develop a further manufacturing facility in the area which is expected to open in 2023.
The company also confirmed that it is on course to recruit an additional 80 team members this year with more expected in 2023. Just a year ago (July 2021) the company employed 45 people but that number is on target to rise to 170 by the end of this year as it scales up its operations in response to rapidly growing demand.
Croom Medical was set up by Paddy Byrnes in 1984 and focuses on the machining and handling of precious metals for use in a sterile environment. The company is now led by CEO, Patrick Byrnes (son of the founder) who joined in 2018.
Croom Medical CEO Patrick Byrnes said that the company has experienced rapid growth on the back of significant investment in research, development and innovation in medical device manufacturing technologies over the past four of years. He said: “Our state of the art facility hosts some of the most advanced manufacturing technologies in Ireland. We have made a number of strategic investments in Additive Manufacturing (3D Printing), Advanced Machining Centers and Automation. Our team is looking forward to increasing our footprint to facilitate 80 new high value roles in order to meet customer demand on a global level.”
The company 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 2020, Ireland’s leading Growth Capital Investor, BGF, announced a multi-million investment in a minority position in the company. Enterprise Ireland is also a shareholder in the business. At the time of the BGF investment, Michael Maher, former Chief Operating Officer of Glen Dimplex, was appointed as Non-Executive Chairman. Mr. Maher was a co-investor alongside BGF in that year’s capital raise.
According to Tom Kelly, Divisional Manager – Industrial and Life Sciences at Enterprise Ireland: “Croom Medical is an excellent example of an Irish company that has successfully implemented an agreed growth action plan while meeting the multifaceted needs of its customers across the world, and willing to bring in external growth capital to drive this plan. Enterprise Ireland is delighted to have supported Croom Medical along its growth trajectory, and we are proud to support the company with its ambitious expansion plans which will create 80 high value new jobs in Limerick.”
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Pictured L-R: Patrick Byrnes, CEO, and his Father Paddy Byrnes, founder of Croom Medical, at opening of new manufacturing facility in Croom.
