Waterland-backed Cruinn Diagnostics Acquires UK-Based Katalyst Diagnostics to Expand UK Presence

Cruinn Diagnostics, an Irish manufacturer specializing in laboratory diagnostic equipment, reagents, consumables, and calibration services backed by Waterland Private Equity, has agreed to acquire Katalyst Diagnostics, a UK-based point-of-care diagnostics company. The transaction, announced on September 24, 2026, marks a strategic expansion of Cruinn’s footprint in the UK healthcare diagnostics market.

Katalyst Diagnostics serves NHS and clinical customers across mental health, oncology, paediatrics, and other specialist care areas. The acquisition adds established NHS customer relationships and a complementary portfolio of point-of-care diagnostic solutions to Cruinn’s existing offerings. The combined group now employs over 100 people and generates revenues exceeding €50 million. The financial terms of the deal were not disclosed.

Under the agreement, Katalyst Diagnostics will continue to operate under its current leadership, with Managing Director Afsheen Khan remaining in place. This approach aims to maintain continuity with NHS customers and leverage Katalyst’s local market expertise.

Cruinn Diagnostics CEO Peter Hussey described the acquisition as a strong strategic fit. He highlighted that the deal provides a solid platform in the UK market from day one, combining established NHS relationships, local knowledge, and a differentiated point-of-care diagnostics portfolio that complements Cruinn’s laboratory-based capabilities.

“This acquisition is an important first step in our UK buy-and-build strategy,” Hussey said. “Our ambition is to grow the group to €150 million in revenue over the coming years by backing strong businesses, investing in people and infrastructure, and expanding the specialist innovative products and services we offer to customers.”

Afsheen Khan, Managing Director of Katalyst Diagnostics, welcomed the partnership, noting that Cruinn understands the market and shares a focus on service and quality. He expressed confidence that the group’s infrastructure will support growth and enable the expansion of Katalyst’s portfolio to more customers across the UK and Ireland.

The acquisition aligns with Cruinn’s broader strategy to build a scaled diagnostics distribution group across Ireland and the UK, with potential future expansion into selected continental European markets. The combined entity plans to leverage cross-selling opportunities by introducing Cruinn’s laboratory diagnostic products to Katalyst’s NHS and clinical customer base, while also bringing Katalyst’s point-of-care solutions to Cruinn’s existing markets.

Operational synergies are expected through consolidation of administrative functions, streamlined procurement, and shared research and development resources. The integration of complementary product portfolios aims to offer a broader range of diagnostic solutions and enhance customer service through combined expertise and local presence.

Industry analysts note that this deal strengthens Cruinn’s position in the competitive UK diagnostics market, particularly by deepening NHS relationships and expanding into specialist clinical segments such as mental health and oncology. The transaction also accelerates consolidation trends within the diagnostics sector, prompting competitors to consider similar acquisitions to scale and diversify their offerings.

Key challenges include aligning organizational cultures across two countries, maintaining NHS contract continuity during integration, and managing regulatory compliance for expanded product lines and geographic reach.

Looking ahead, Cruinn Diagnostics aims to capitalize on the combined group’s enhanced scale and capabilities to drive growth and innovation in diagnostics services across the UK and Ireland, with an eye on further European expansion.