Avania, the preeminent, full-service global MedTech contract research organization, announced that Astorg has acquired a majority stake in the company. Astorg, together with Kester Capital – a current investor who intends to retain a minority stake — will actively support management’s plans to advance Avania’s development as a MedTech solution provider.
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 unique 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 Managing Partner of Astorg Mid-Cap 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.
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Investor appetite for local listings remains strong, though a rally in Middle Eastern equities has faded over the past month as fears of recessions gripped global markets. Saudi Arabian stocks briefly erased this year’s gains on Monday, trading about 18% below a high in May, before rebounding as bargain hunters stepped in.
Alamar Foods set the price range for its IPO at 103 riyals to 115 riyals per share, implying a market value of as much as 2.9 billion riyals ($773 million.) IPO books opened on Monday for institutional investors.
Saudi Arabia’s stock market is one of the most active in the Middle East and since allowing foreigners to directly buy stocks in 2015 has attracted some of the biggest global investors. The Saudi exchange has been working for several years to attract listings from companies in the region as it tries to position itself as the main venue for stock trading in Middle East.
Carlyle is selling a 41.7% stake in Alamar, or 10.6 million shares, to institutional and retail investors. The US buyout firm acquired its stake from Saudi-based firm AlJammaz Group in 2011 for an undisclosed amount.
Source: Yahoo Finance
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