Avantor has reached a definitive agreement to acquire the Masterflex business unit of Antylia Scientific, a portfolio company of private equity firm GTCR, for $2.9 billion in an all-cash transaction.
Masterflex is a provider of in peristaltic and single-use bioprocessing services including its Masterflex and Ismatec range of peristaltic pumps, tubing, flow meters and single-use components and assemblies.
Antylia chairman and CEO, Bernd Brust, said, “As a part of Antylia Scientific, the Masterflex Bioprocessing business has achieved exceptional results through significant product, capability and customer expansion. In its next stage of growth, Masterflex will be tremendously complemented by Avantor’s existing capabilities.”
Dean Mihas, managing director and Co-CEO of GTCR, added, “Bernd and the Antylia team have done an excellent job transforming Masterflex into a high-growth bioprocessing asset, supporting the development and production of biologic drugs and vaccines. We look forward to the future of Masterflex within Avantor and our next chapter of continuing to build Antylia Scientific.”
Sean Cunningham, a managing director of GTCR, added: “This represents another excellent example of our Leaders Strategy™ approach. Our partnership with Bernd and team enabled us to grow Antylia, including investing in the Masterflex commercial organization and bioprocessing products as well as the remaining life sciences portfolio. We are excited to support the continued growth of the organization going forward.”
J.P. Morgan Securities LLC and Perella Weinberg Partners LP served as financial advisors for Antylia Scientific. Kirkland & Ellis LLP provided legal counsel. Jefferies acted as lead financial advisor to Avantor.