Waterland buys Cruinn Diagnostics; Eagletree Capital exits Northstar

Deal Wrap is updated as of 3 p.m. ET.

– Netherlands-based Waterland Private Equity Investments BV, a pan-European private equity firm, and MML Ireland agreed to acquire Cruinn Diagnostics Ltd., a provider of laboratory diagnostic equipment and services in Ireland. Cruinn management will retain a significant minority stake. The deal's terms were undisclosed, but industry speculation suggests a value exceeding €50 million, according to S&P Global Market Intelligence. Flynn O'Driscoll, Ernst & Young Ireland, Mason Hayes & Curran Solicitors, and Donogh Hardiman advised Waterland. IBI Corporate Finance Limited and William Fry, Solicitors advised Cruinn, with Deloitte & Touche, Pricewaterhouse Coopers, and Ge Emerald Finance providing due diligence services.

– EagleTree Capital LP has agreed to exit b2b media company Northstar Travel Group LLC in a trade sale to Tokyo-based JTB Corp., with Northstar continuing as a wholly-owned subsidiary. The terms of the transaction were not disclosed. BrightTower acted as the financial adviser and Jones Day as the legal counsel to Northstar. SMBC Nikko served as the financial adviser, while Venable LLP and Mori Hamada & Matsumoto provided legal counsel to JTB. Closing of the transaction is expected in September 2025, subject to customary closing conditions, including regulatory approvals.

– Beyond Next Ventures Inc. and Universal Materials Incubator Co., Ltd. led a funding round for biotechnology firm Fermelanta Inc., with participation from Angel Bridge Co. Ltd., Mitsubishi UFJ Capital Co., Ltd., and others. The transaction involved a third-party allotment of shares. Japan-based Fermelanta plans to use the proceeds to expand R&D pipelines, enhance scale-up capabilities, and strengthen business development for commercialization.

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