October 3, 2014
By Riley McDermid, BioSpace.com Breaking News Staff
Private equity firm American Capital, Ltd. (ACAS) has sold its portfolio company Avalon Laboratories Holding Corp. to Nordson Corp. (NDSN) for $180 million, the asset manager said Thursday.
The company’s main fund involved, American Capital Equity III, LP, realized a whopping 19 percent return on its equity investment, including dividends and fees.
Avalon designs and manufactures highly-specialized, single-use catheters and specialty medical tubing products for cardiology, pulmonology and related applications.
“We are extremely pleased with the results of our investment in Avalon, which is the first exit for ACE III,” said Eugene Krichevsky, partner, American Capital Equity Management.
Krichevsky said Avalon had generated strong financial performance during the company’s hold period, with double digit annual revenue and growth despite the global recession.
Avalon serves OEM customers in the cardiology, pulmonology, endovascular, bariatrics, tracheostomy, endoscopy, non-vascular stent and ophthalmic markets segments.
“Led by a talented management team dedicated to innovation, the company has become the leading supplier of complex medical tubing products for the cardiology and pulmonology market segments,” said Krichevsky.
