Astorg Acquires Majority Interest in Avania

Avania and Astorg have joined forces.

The latter has acquired a majority stake in the former; together with Kester Capital—a current investor that will retain a minority stake—Astorg will actively support plans to advance Avania’s development as a medtech solution provider. Terms of the deal were not disclosed.
 
Headquartered in the Netherlands, Avania was formed in March 2020 from the combination of five complementary businesses and started a successful journey to establish a fully integrated platform to serve sponsors worldwide in advancing medical technology products from early development to post-market—ensuring customized, scalable solutions that optimize efficiencies and streamline the advancement of medical technology.
 
Astorg brings an impressive global network of relationships in the medtech space, which will strengthen Avania’s pipeline and broaden its customer base while the capital access will help accelerate its growth, both organically and via acquisitions.
 
“The platform we have built has positioned us ahead of our competition in the medtech CRO space, and this deal will bring additional investment to strengthen our infrastructure, capital for acquisitions, and added support as we continue to grow Avania into the clear market leader,” said Sapna Hornyak, president and CEO of Avania. “The largest CROs do not have the specialization that we bring, and the regional niche providers do not have the scale and reach of Avania. This positioning, along with the continued changes to the medtech regulatory landscape, will allow us to push ourselves to the next era of growth.”
 
“We are extremely pleased to partner with Sapna and her team, as well as Kester, on this transaction,” said Astorg Mid-Cap Managing Partner Edouard Pillot. “Being one of the global leaders in a profitable and fast-growing niche market, Avania squarely fits with Astorg’s investment criteria, and we are delighted to have Avania as our first Mid-Cap Healthcare deal, sitting within Astorg’s broader healthcare portfolio.”
 
Avania is a global full-service contract research organization focused on managing clinical studies for medical technology, IVDs, biologics, and device-drug combination products internationally. Avania supports products from the first-in-human phase through the post-market phase with the same customized approach. Avania’s vision is to be your trusted global partner in the evolution of medical technology from innovation to commercialization to improving patient health and well-being.
 
Astorg is a private equity firm with more than €17 billion of assets under management. The firm acquires market-leading global companies headquartered in Europe or the United States, providing them with the strategic guidance, governance, and capital they need to achieve their growth goals. Astorg enjoys a distinct entrepreneurial culture, a long-term shareholder perspective, and a lean decision-making body. It boasts industry expertise in healthcare, software, business-to-business professional services and technology-based industrial companies. Astorg has offices in London, Paris, New York, Frankfurt, Milan, and Luxembourg.
 
Kester Capital is a primary buy-out specialist. Kester focuses on the healthcare, data and information, and technology sectors, targeting businesses that require capital in order to unlock their potential.