Longford-based manufacturing company Finesse Medical has been acquired by the New York-listed Avery Dennison Corporation in a multimillion-euro deal.
Set up in 2004, Finesse produces products for woundcare and skin treatment, including skin barrier films and protection creams, and silicone and polyurethane foam wound dressings.
It manufactures on behalf of a number of customers and posted revenues of about €15 million over the past year.
Latest accounts for Finesse show it had accumulated profits of €2.6 million at the end of 2015. Its employee numbers that year rose by 15 to 79.
The company’s total payroll costs increased by 50 per cent during the year to about €3.1 million while directors’ remuneration rose to just under €900,000 from €342,226 in 2014.
Commenting on the deal, Mitch Butier, Avery Dennison’s president and chief executive, said: “Finesse Medical is a top-quality manufacturer with a strong track record for developing and commercialising effective, high-value products in the medical sector. This acquisition will accelerate the achievement of our long-term strategic and financial goals for our industrial and healthcare materials segment.”
Mike Johansen, vice-president and general manager of Avery Dennison’s industrial and healthcare materials group, described Finesse as a “great strategic fit” with its existing subsidiary, Vancive Medical Technologies.
“Its innovative portfolio of silicone gels and polyurethane foam dressings builds on and complements our existing products in wound care. And its converting and packaging capabilities will enable us to offer expanded manufacturing services to our customers,” he said.
Finesse’s main shareholders are Martin Dowd, director of marketing and business development, and Kevin Creighton, who own 30 per cent each. Odette Lynch, Caroline Creighton, Daire Lynch and Ann Dowd each own 10 per cent of the business.
According to its latest accounts, Finesse rented a premises from Mr Dowd, Mr Creighton and Mr Lynch for €200,000 in 2015, which was up from €50,000 a year earlier. The company had bank loans of €739,761 at the end of 2015.
Mr Dowd said the acquisition by Avery Dennison would bring “important new strengths to our business, including key relationships in the US healthcare industry, new global sales and distribution channels for our products, and coating and roll manufacturing expertise that deepens our service offerings”.
Based in California, Avery Dennison reported sales of $6.1 billion in 2016. It has operations in more than 50 countries, employs about 25,000 staff, and serves customers in the consumer packaging, logistics, apparel, industrial and healthcare industries.
Davy Corporate Finance and Arthur Cox advised Finesse on the deal.
By Ciarán Hancock
Source: Irish Times
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