Audax Private Equity has announced it will acquire the clinical services business of Avantor (NYSE: AVTR).
Avantor, founded in 1904 and based in Radnor, Pennsylvania, is a life science tools company. Its clinical services division provides clinical trial and laboratory supply chain services to pharmaceutical and biotechnology companies, contract research organizations (CROs) and diagnostic laboratories throughout the world.
Audax, with private equity offices in Boston, New York and San Francisco, focuses on investments in middle market companies and has a wide flexibility on investment size. Founded in 1999, the firm targets companies within healthcare and several other industries, specifically those generating between $5 million and $80 million in annual EBITDA.
Terms of the acquisition were not disclosed.