CG Results Healthcare has advised Kester Capital on the sale of a majority stake in Avania to Astorg

  • Service: M&A
  • Sector: Healthcare
  • Sub Sector: CROs & CMOs
  • Engagement Type: Sell Side
Jun 2022
A Kester Capital-backed company
has received investment from

CG Results Healthcare is pleased to announce that it has advised Kester Capital (“Kester”) on the sale of a majority stake in its portfolio company, Avania (or the “Company”), to Astorg, a leading private equity firm. Avania is one of the leading global clinical CROs (“Contract Research Organisation”) dedicated to medical technology. Astorg, alongside Kester who intend to retain a minority stake, will actively support management’s plans to accelerate Avania’s development, organically and through M&A.

Avania is one of the leading global providers of outsourced clinical trial services specifically focused on medical technology, covering the full regulatory lifecycle across a broad range of therapeutic areas. Headquartered in the Netherlands, and with eight offices across North America, Europe and Asia Pacific, Avania serves 300 medical device OEMs of different sizes through an integrated service offering including clinical trial management, biostatistics, regulatory consulting, data analytics, medical writing and reimbursement. The Company has experienced strong organic growth thanks to its differentiated proposition in a fast-growing market driven by innovation, increasing regulation and penetration of outsourcing.

Astorg’s investment, alongside an anticipated minority reinvestment by Kester and management, will enable the Company to continue expanding its service offering and geographic coverage, while actively executing M&A opportunities in a fragmented market. Avania is the third investment made by Astorg’s Mid-Cap fund.

Sapna Hornyak, CEO of Avania, said: “The platform we have built to date with the support of Kester has positioned us ahead of our competition in the MedTech CRO space. We are delighted to be adding Astorg as our partner which will bring additional investment to strengthen our infrastructure, capital for acquisitions and added expertise and insight as we continue to grow Avania into the clear market leader.”

Adam Maidment, Managing Partner of Kester Capital, commented: ”It has been a pleasure to work alongside Sapna and her team over the last 6 years building Avania into the leading MedTech CRO platform. We are delighted to have the opportunity to invest alongside Astorg and continue our involvement in this exceptional business.”

This cross-border transaction highlights CG Results Healthcare’s outstanding reputation in the healthcare and life sciences sector, further cementing the firm’s position as a leading advisor to medtech service providers having recently advised Agile MV on its sale to Resonetics.

The terms of the transaction were not disclosed.

>>>> Read the press release here

We were delighted to work with the CG Results Healthcare team, who managed an intensive process on a demanding timetable to help deliver an outcome that everyone involved can feel proud of.

Adam Maidment

Managing Partner, Kester Capital

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