Audax Private Equity Completes Acquisition of Avantor’s Clinical Services
Audax Private Equity has successfully finished its acquisition of the clinical services sector from Avantor, Inc. (NYSE: AVTR). The company now operates under a new name, Resonant Clinical Solutions. This rebranding reflects the company's commitment to collaboration with its dedicated employees and clients. Resonant aims to deliver exceptional services in the clinical trial domain.
The Strength of Resonant Clinical Solutions
Resonant Clinical Solutions incorporates three respected brands: EPL Archives, MESM, and Therapak. With a legacy dating back to the 1970s, these brands collectively provide a wide-ranging and quality-focused suite of services designed for pharmaceutical and biotechnology companies, as well as contract research organizations (CROs) and diagnostic laboratories.
Investments and Future Growth
Under the stewardship of Audax, Resonant is set to benefit from significant investments aimed at enhancing its operational capabilities. The goal is to accelerate organic growth alongside strategic acquisitions. Audax has plans designed to promote a smooth transition for Resonant into this new chapter of its journey.
Expert Insights on Market Demand
David Wong, a Partner at Audax Private Equity, shared insights regarding the market dynamics shaping the clinical services landscape. He emphasized that the growing intricacies involved in clinical trials have prompted pharmaceutical sponsors and CROs to utilize specialized services. Resonant’s comprehensive offerings will enable clients to navigate these complexities effectively, thereby allowing them to concentrate on critical drug discovery and research and development (R&D) tasks.
Commitment to Client Relationships
Stephen Weaver, Managing Director at Audax, noted the value that Resonant’s longstanding client relationships will bring to its growth trajectory. He believes that this foundation will be pivotal as the company continues on its path as an independent entity in the outsourced clinical trial services market.
Advisors in the Transition
As part of the acquisition, various firms provided essential advisory services. Moelis & Company LLC acted as the financial advisor to Audax, and Ropes & Gray LLP offered legal counsel. On the other side, J.P. Morgan Securities LLC was the exclusive financial advisor for Avantor, while Arnold & Porter served as Avantor’s legal advisor.
About Audax Private Equity
Audax Private Equity, headquartered in Boston, operates with a diverse portfolio across various strategies. These strategies include Flagship and Origins, which focus on control buyouts in both middle and lower-middle markets, alongside a Strategic Capital strategy providing tailored equity solutions for growth. With around $19 billion in managed assets, Audax has cultivated a robust track record since its inception in 1999, with an emphasis on fostering company growth and optimizing operations.
About Resonant Clinical Solutions
Resonant Clinical Solutions represents a major player in the clinical trial and laboratory supply chain services arena, employing over 850 staff members. The company has established itself as a trusted partner within the pharmaceutical industry, offering critical support through its ten strategically located facilities across several countries in Europe, as well as the US and UK. Their global logistics and equipment services network further enhances their capability to address the complexities of supply chain management that their clients face.
Frequently Asked Questions
What is the new name of Avantor’s clinical services business?
The clinical services business of Avantor has been rebranded as Resonant Clinical Solutions.
Who acquired Avantor’s clinical services business?
Audax Private Equity completed the acquisition of Avantor’s clinical services business.
What are the main services offered by Resonant Clinical Solutions?
Resonant Clinical Solutions provides clinical trial services and laboratory supply chain services to pharmaceutical and biotech companies, CROs, and diagnostic labs.
Where does Resonant operate?
Resonant operates facilities in the US, UK, and Europe, complemented by a global logistics network.
What is Audax's approach to portfolio management?
Audax focuses on a Buy & Build approach, aiming to enhance revenue and optimize operations within their portfolio companies.