SAN FRANCISCO & BOSTON--(BUSINESS WIRE)--Audax Private Equity (“Audax”) announced today it has entered into a definitive agreement to acquire the Clinical Services business of Avantor, Inc. (NYSE: AVTR) (“Clinical Services” or “the Company”). The deal is expected to close in the fourth quarter and is subject to regulatory approvals.
Clinical Services provides clinical trial and laboratory supply chain services to pharmaceutical and biotechnology companies, contract research organizations (CROs), and diagnostic laboratories. The business operates 10 facilities across the US, UK, and Europe. It also maintains a global logistics and equipment services network that distinguishes the business as a partner of choice to help its clients manage complex and evolving supply chain needs.
“We appreciate the unique capabilities that this business delivers to some of the most demanding customers in the pharma and life sciences sectors, and we look forward to investing aggressively to expand the Company’s commercial and technical reach,” said David Wong, Partner at Audax Private Equity. “We believe the services that this business provides represent the backbone for advancing therapeutic development.”
The Company provides active trial and post-trial sample storage and archiving, supply chain management, and packaging and logistics for sample collection through three primary offerings and well-respected brand names: EPL Archives, MESM, and Therapak.
Audax has completed several corporate carveouts in the past, including the acquisitions of Aspen Surgical, Lifemark, and others. The firm also brings deep experience in the healthcare space, with a portfolio that includes companies in pharma services, life science tools, medical technology, and value-based care.
“We're pleased to work with Avantor to effect a quick and seamless transition to the benefit of all of our stakeholders,” added Stephen Weaver, Managing Director at Audax Private Equity. "The investments we intend to make to this platform should deliver tremendous benefit to our clients and our team members."
Audax is investing through its flagship fund.
Moelis & Company LLC served as financial advisor and Ropes & Gray LLP served as legal counsel to Audax Private Equity. J.P. Morgan Securities LLC served as financial advisor to Avantor and Arnold & Porter served as Avantor’s legal advisor.
ABOUT AUDAX PRIVATE EQUITY
Headquartered in Boston, with offices in San Francisco, New York, and London, Audax Private Equity is a capital partner for middle market companies that seeks to facilitate transformational growth through its private equity and strategic capital strategies. With approximately $19 billion of assets under management, over 270 employees, and 100-plus investment professionals, the firm has invested in more than 170 platforms and 1,300 add-on acquisitions since its founding in 1999. Through our disciplined Buy & Build approach, across six core industry verticals, Audax helps portfolio companies execute organic and inorganic growth initiatives that fuel revenue expansion, optimize operations, and significantly increase equity value. For more information, visit www.audaxprivateequity.com or follow us on LinkedIn.
ABOUT AVANTOR
Avantor® is a leading life science tools company and global provider of mission-critical products and services to the life sciences and advanced technology industries. We work side-by-side with customers at every step of the scientific journey to enable breakthroughs in medicine, healthcare, and technology. Our portfolio is used in virtually every stage of the most important research, development and production activities at more than 300,000 customer locations in 180 countries. For more information, visit avantorsciences.com and find us on LinkedIn, X (Twitter) and Facebook.